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Self Employed Mortgage 65% LTV(Stated Income)

Clients who have difficulty proving their true income can qualify based on 35% down. These are clients who are self employed or salaried but cannot prove their additional income such as bonus’s or profit shares and commissioned.

Under this program the client can obtain a mortgage or line of credit up to 65% of the purchase price of the home regardless of their taxable income.

Eligible Properties:

  • Owner-occupied, primary residence only
  • All applicants and guarantors (if any) must occupy the property
  • Property with one to four units is allowed provided at least one of the units is owner-occupied
  • Borrower may own a maximum of three properties financed at CML or elsewhere

Bureau Requirements:

  • Minimum time on credit bureau is 3 yrs.
  • Must have at least one active credit other than a Visa or department store card
  • If “thin file”(no additional credit), we will accept either 5 years time on the credit bureau OR verified satisfactory repayment (12 months) from current mortgagee in lieu of active trade.

Exception: A zero beacon score allowed for spouse due to NO borrowings reported on the credit bureau when;

  • The principal borrower meets the minimum required bureau score
  • Co-applicant is the spouse of the primary borrower
  • Co-applicant is a homemaker
  • Other Bureau Requirements:
  • All current credit bureau ratings must be R2 or better;
  • Orderly Payment of Debts (ODP), Consumer Proposals, Voluntary Repossession, Foreclosures, Bankruptcies or Collections for one of the borrowers and/or guarantors are NOT allowed;
  • Collections under $1,000 are acceptable provided an explanation is obtained and makes sense;
  • Collections under $1,000 must have been repaid and/or proof of dispute obtained. Payments to accommodate the loan are unacceptable.

Stated Income Equity Mortgage Example:
Mr. Smith has operated an engineering company for two years in Vancouver. Due to start up costs his taxable income is very low. Because he has filed his taxes and maintained good credit he can qualify for a line of credit or mortgage for his new home with 35% down.

Equity Mortgage (Bad Credit):
When presented with clients who have large down payments, but who are unable to prove income or who may have damaged credit history we can now obtain mortgages based on 35% down payment.  This product allows you to borrow up to 65% of the value of the home. The focus on this program is on the quality of the real estate and common sense underwriting.

Equity Mortgage Example:
Mr. Smith has very bad credit and works in the hospitality industry where the majority of his income is non-declared tips.  With 35% down he can purchase a home regardless of his income and credit history.


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