SELF-EMPLOYED
Embarking on the journey of purchasing a home marks a thrilling milestone, particularly for self-employed individuals who view it as an investment in their future. Securing a mortgage as a self-employed borrower presents distinct hurdles, yet MMG
Mortgages offers innovative solutions tailored for those seeking maximum financing opportunities. Since many self-employed applicants declare minimal income on their personal tax returns, their potential mortgage qualification may be limited. Below are several options accessible to self-employed individuals:
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Conventional Mortgage: Self-employed clients can opt for conventional payment methods such as salaried income reported on T4s and/or dividend income. While utilizing claimed income for mortgage qualification is straightforward, it may result in a lower qualification amount compared to other available options.
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Stated Income: Stated income mortgages cater specifically to self-employed individuals, projecting allowable income for mortgage financing based on bank statements, previous tax returns, and reasonability assessments.
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Business Financial Statement Evaluation: We conduct a thorough review of financial statements, identifying areas where deductions can be added back to augment your qualifying income.
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Alternative Lending Solutions: With a 20% down payment, we explore lenders that diverge from traditional lending requirements, broadening the spectrum of lending possibilities. For instance, we scrutinize your business bank statements to extrapolate usable income for the year.
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Securing a mortgage as a self-employed individual may pose challenges, but rest assured, we're here to assist! MMG Mortgages specializes in delivering tailored mortgage solutions that address the unique needs of self-employed individuals.