There are new CMHC rules in effect for the self-employed.

Self-employed  borrowers with more than three years in the same business (industry) who apply for a mortgage, using stated income, as well as, commissioned income borrowers, are now required to provide traditional proof of income or ("third party validation" ) through documents like financial statements, contracts and T4's.

Those who have recently become self-employed and don't have third-party validaton can still apply for a mortgage but have to come up with a 10% down payment instead of 5%.  Refinancing will  also be cut to 85% Loan To Value (LTV) instead of the previous 90%.

If you are Self-Employed or work on Commission, it would be prudent to talk over your situation with your Mortgage Broker or Bank Representative to ensure you know where you are in relation to these changes and your personal financial situation.

To contact a reliable Mortgage Agent Click Here.

    Deborah Gilmore...Your Trusted Source For Anything Real Estate!