Are you self employed?  Concerned about how the new CMHC Mortgage Insurance Rules affect you?

If you have NOT been in business for 3 years (but in the same type of work for 2 years even if not self employed) AND

You do NOT claim / declare all of your income then you have access to the CMHC insured financing for purchase transactions up to 90% LTV or 85% for refinances

Purchases: with as little as 10% down (90%LTV)

Refinances: up to 85% of the value

Other requirements:

-Income taxes must be paid and up to date

-Must provide copy of business or GST licence, or Articles of Incorporation

-Min credit score 600 (to qualify for 90% purchase credit scor must be 650+)  for 90% purchase or 85% refinance generally you can not have any late payments for last 2 years

For more information please complete our confidential comment form below, or on our Contact Page or email

mortgages@dropmyrate.ca

Tags: Self Employed Mortgage, Stated Income

This entry was posted on Monday, April 26th, 2010 at 3:48 pm and is filed under Self Employed, Uncategorized . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.