Exploring Stated Income Mortgages: A Solution for Self-Employed Homebuyers

Are you self-employed and in search of a mortgage? Traditional methods might not always work in your favour, leaving you feeling frustrated and disheartened. Many business owners find themselves turned away by banks due to insufficient income declared on their tax returns, making it challenging to secure the mortgage they need.

Enter the Stated Income program, offering a fresh approach for self-employed individuals to verify their income. Instead of using your personal and business CRA documents to qualify, applicants for a Stated Income program can present 6-12 months of business bank statements to showcase their business's revenue, only accounting for standard business expenses. This innovative program allows self-employed individuals to leverage their business expenses to reduce taxable income while still meeting the income requirements for their desired home purchase.

Stated Income programs come in many variants: Insured, Conventional and Alternative.  Depending on the program, down payment requirements vary, ranging from as little as 10% to 35% of the purchase price. Each lender has its own set of rules and options for Stated Income qualification, reflecting the diverse nature of businesses and borrowers.

Navigating through these options can be daunting, but fear not! Consulting with a knowledgeable Mortgage Broker can help you sift through the complexities and find the ideal mortgage solution tailored to your unique needs and circumstances.

Ready to explore your options and embark on your homeownership journey? Reach out to me today and take the first step towards securing your dream home.