STATED INCOME PROGRAM.

Under this Program,you will not be required to prove your income and a reasonable estimate of your annual Income will be acceptable. This is what is known as a Stated Income Mortgage andyou can purchase a Home and receive the same low Mortgage rate as an income qualified borrower.

The Self-Employed program isintended for Self-Employed Borrowers “who have difficulty providing Documentation for their current Income level.” These are often people who’ve recently begunto work for themselves.

-    Applicants should have been self-employed in the same business for less than 3 Years.
--   A business License, GST/HST number, or Articles of Incorporation will be needed to prove  
     the Applicant’s length of self-employment.
--   Self-employed borrowers who choose to apply under this Program, and not verify their income
     using traditional means, will have to put down 10% when purchasing a home.
--   Applicants who wish to refinance will be limited to 85% Loan-to-Value.
--   The Stated Icome should be reasonable, and in line with Income generated by people in the
     same line of business.

Borrowed down payment.

Home buyers with excellent Credit are now able to borrow their down payment from a Line of Credit (LOC), or Credit Card. As long as themonthly payment on the borrowed funds can be verified.

 If, the Mortgage lenderis unable to verify money borrowed from friends or family members, theseborrowed sources are not accepted.

The down payment can however be gifted from an immediate family member and all that is required is they fill out a form, or type up a letter stating that the money is a gift and does not need to be paid back.











































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