Mortgages for Self-Employed

Mortgages for self-employed

True North Mortgage can offer lending solutions for self-employed borrowers without traditional third party validation of income. Typically, this requires a minimum of 35% down, however, it can be done for as little as 10% down through Sagen’s Business for Self (Alt. A) program.

Features of the Alt. A Program

  • Available for purchases and refinances
  • Can finance up to 90% on purchases
  • Best mortgage rates
  • Insurance premiums are slightly higher than standard premiums

Examples of Some Requirements

  • Great credit
  • Minimum of two years business-for-self tenure
  • Income stated must be reasonable
  • Minimum of 5% of the down payment must come from own resources
  • Proof no income taxes are owing
  • Additional requirements can be discussed with one of our agents

When putting 35% or more down lenders will be more flexible with the source of income, length of time you have been self-employed, credit score, etc. These files are reviewed on a case by case.

Premium Rate Top-Up Premium
LTV Ratio up to 65% 1.50% 3.00%
LTV Ratio 65.01% - 75% 2.60% 6.50%
LTV Ratio 75.01% - 80% 3.30% 7.00%
LTV Ratio 80.01% - 85% 3.75% 7.50%
LTV Ratio 85.01% - 90% 5.85% 9.00%

When putting 35% or more down lenders will be more flexible with the source of income, length of time you have been self-employed, credit score, etc. These files are reviewed on a case by case.