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Home loans for self employed -- What's New ?


home loans for self employed new professionals

Home loans for self employed new professionals with strong income potential:  doctors, dentists, lawyers or accountants in business at least 2 years. These are equity mortgages.

  • home equity mortgage to 80% - self employed down payment Ontario at 20-25% down depending on the application and property plus 1.5% closing costs
  • no proof of income required through tax returns
  • up to 35 year amortization
  • good credit score

Here is how this self employed home loan worked for Diane (not real name), a young family doctor in Burlington, Ontario. She opened her family medicine practice 21/2 years ago. Diane has $220,000 in student loans and a $75,000 private loan to start her medical practice. Unfortunately, in the past she had student loans and credit cards late payments, leaving her credit bruised with FICO score of 596.

home-loans-for-self-employed.jpgHome loans for self employed new professionals - doctors, lawyers, engineers, accountants.

Diane has a young child that is being cared for by her husband who postponed his career to help her get her medical practice established. The couple wants to buy a home for their family and contacted us about self employed home loans for new professionals.

Diane was not able to prove sufficient income to qualify through CRA tax returns. So, we got her a home equity mortgage that suit her family's needs - see the details below:

  • 25% down payment depending on the application details and property type and location
  • no proof of income through tax returns - stated income based on the cash flow of the business
  • reasonable interest rate even though her credit score was a bit low
  • 35 year amortization with low mortgage payments to give her some breathing room until she pays down those student loans and business start-up costs
  • proof of 2 years in business through alternative means

equity mortgages at 50% of home value

Self-employed mortgage borrowers with good credit can now get a home equity mortgage loan to buy or refinance at 50% of appraised value, even if they don't show much income.

  • stated income
  • recent CRA Notice of Assessment to confirm no tax arrears owing
  • competitive interest rates both fixed and variable
  • up to 35 year amortization to keep your payments lower

We can offer business for self clients several self employed loans no proof of income. The best way to know where you fit, is to contact me about your self-employed mortgage and I will put together a strategy to meet your individual circumstances.

35 year home loan amortization

Lower my mortgage payments you say? No problem! Good to fair credit, we'll get you 35 year amortization and low mortgage payments. Ask me if you qualify.

Marie Copeland, FSU, Mortgage Broker Hamilton, Burlington and throughout Ontario

› from Home Loans for Self Employed

Call us at 905.537.8815 for mortgage help

Banks and "A" Lenders pay us for your service. EXCEPT bad credit mortgages, some self employed mortgages, private mortgages or multi-use and commercial loans - broker fees are payable by clients. 

*Lenders change their products and interest rates without notice.

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