Alberta
Contractor and camp-service income in a specialised housing market.
The short answer
In Fort McMurray, a stated income mortgage lets self-employed contractors and service operators qualify on documented business revenue instead of the net income figure on a tax return.
The market's history of price volatility means fewer lenders participate, so placement and down payment carry extra weight.
Master service agreements and consistent invoicing history strengthen a file substantially.
Flood and fire history make insurability an active part of the approval alongside income documentation.
Documented revenue is totalled, a reasonable industry expense factor is deducted, and the resulting qualifying income is tested against debt-service limits at the stress test rate. See the full step-by-step breakdown for the numbers.
Illustrative case studies
Incorporated renovation contractor, 6 years in business
A Fort McMurray buyer with strong credit, a 20% down payment and two years of filed returns showing heavy but legitimate write-offs.
How the income is calculated
Roughly $651,168 in mortgage capacity on stated income, versus about $296,856 on the net figure alone.
Commission-only realtor, 4 years licensed
A Fort McMurray buyer with strong credit, a 20% down payment and two years of filed returns showing heavy but legitimate write-offs.
How the income is calculated
Roughly $684,684 in mortgage capacity on stated income, versus about $339,948 on the net figure alone.
Sole-proprietor IT consultant on long-term contracts
A Fort McMurray buyer with strong credit, a 20% down payment and two years of filed returns showing heavy but legitimate write-offs.
How the income is calculated
Roughly $653,562 in mortgage capacity on stated income, versus about $277,704 on the net figure alone.
For demonstration purposes only. These case studies are hypothetical examples created to show how stated income calculations work. They are not real clients, not guarantees, and not an offer of credit. Actual qualifying income, rates and approvals depend on the lender, your documentation, credit profile, down payment and the property.
Some are more conservative on down payment and appraisal, but self-employed financing is available with the right placement.
Not always, though some lenders prefer a larger buffer in this market. It depends on credit strength and the property.
Send your details and we'll review your business income the way a self-employed lender does — no credit pull to start the conversation.