What Is A Stated Income Mortgage?

A Stated Income Mortgage can be an incredible opportunity if you're self-employed or a small business owner. Plumbers, real estate agents, accountants, truck drivers, daycare operators, ice cream shop owners... you name it! A Stated Income Mortgage is the mortgage for the 'self-employed'. Period.

We'll have a chat to learn more about your unique borrowing situation to see if a Stated Income Mortgage is the best solution for you. To qualify for a Stated Income Mortgage, lenders often require: A 20%-35% down payment (although in some cases, a 10% insured Reverse Mortgage may be an option). Atleast 2-3 years of stable income as self-employed with the same business (some lenders may consider an exception for 1 year) A good credit score and clean credit report Your taxes are up to date Stated Income Mortgage requirements differ from lender to lender - flexibility and exceptions often apply. Connect with us for an accurate assessment for whether you may qualify!

Keep in mind that the required documents differ from lender-to-lender and are situation and borrower dependent. Common documents lenders request from self-employed borrowers for a Stated Income Mortgage are: Your government issued photo identification Articles of incorporation, business registration etc. Notice of Assessment T1 (potentially other tax documents depending on how your business is structured) 6-12 months of business financial statements Bank statements

There are thousands of lender programs to help borrowers from all walks of life. A Stated Income Mortgage is the lesser-known mortgage solution which is recently gaining in popularity. As more borrowers and professionals begin to understand and see it's true value, the Stated Income Mortgage has quickly become a proven solution for self-employed borrowers.

Just because your bank noted that you 'wouldn't qualify' for a mortgage as a self-employed borrower or small business owner, doesn't mean your home ownership potential comes to a screeching halt. It may mean that you simply wouldn't qualify with them We often have success placing our self-employed clients with a Stated Income Mortgage through alternative lenders, even when the 'big banks' have said no.

Alternative lenders are exactly as they sound: an 'alternative' lending solution. Alternative lenders often have more flexible mortgage programs offered to a wider range of applicants. Some alternative lenders offer the Stated Income Mortgage - a wonderful avenue for business owners and self-employed owners who would like to optimize their mortgage.

YES! A Stated Income Mortgage is 100% ethical. It's an official mortgage program offered by reputable lenders. A Stated Income Mortgage leverages the higher risk of lending to self-employed borrowers and small business owners by often offering slightly higher interest rates (or in some cases a larger down payment). Applicants must still meet specific qualifying criteria to ensure they'll be able to both afford their mortgage and make their mortgage payments on time.

We only recommend working with us if: you'd like an ethical expert who's on YOUR side and is licensed to put your best interest first. You want access to hundreds (if not thousands) of lender programs (such as the Stated Income Mortgage) You want a professional to shop around for the best mortgage rates and mortgage deals FOR you You'd benefit from education and guidance regarding your mortgage You want to save $$$ on your property purchase, mortgage renewal, or mortgage refinance