British Columbia
How self-employed buyers in Oak Bay qualify on documented business income.
The short answer
In Oak Bay, a stated income mortgage lets a self-employed borrower qualify using documented business deposits, financial statements and contracts instead of the net taxable income reported on a T1. Write-offs that lower your tax bill no longer have to lower the mortgage you qualify for.
Six to twelve months of business bank statements, two years of financial statements or T1 Generals, proof the business is active, and notices of assessment showing no outstanding tax balance.
Documented revenue is totalled, a reasonable industry expense factor is deducted, and the resulting income is tested against debt-service limits at the stress test rate.
Not every lender is comfortable with self-employed files or with every property type in Oak Bay. We place the application with lenders who are active in this market rather than shopping it everywhere.
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 Oak Bay 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 $582,624 in mortgage capacity on stated income, versus about $265,608 on the net figure alone.
Commission-only realtor, 4 years licensed
A Oak Bay 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 $612,612 in mortgage capacity on stated income, versus about $304,164 on the net figure alone.
Sole-proprietor IT consultant on long-term contracts
A Oak Bay 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 $584,766 in mortgage capacity on stated income, versus about $248,472 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.
Yes. Stated income programs are built for business-for-self borrowers in Oak Bay who report low net income after legitimate write-offs, provided the business income is documented.
Insured stated income programs can start near 10% down, and uninsured programs typically require 20% or more. The exact requirement depends on the lender, the property and your credit profile.
Usually slightly higher than a fully income-qualified prime mortgage, because the lender accepts a different form of income proof. Strong credit and a larger down payment narrow the gap.
Send your details and we'll review your business income the way a self-employed lender does — no credit pull to start the conversation.