Self Employed Mortgage Miracles – How Self Employed Individuals Can Qualify for a Mortgage.
Once upon a time, there was a princess and her name was Cinderella. Cinderella was self-employed and she sold shoes. Cinderella wanted to buy a big huge castle. She went to all her local banks and they said no. They said she just didn’t make enough money. Her tax returns showed only $20,000!
We all know… The $1: $4 rule. For every $1 earned, you qualify for a $4 mortgage. Hence, if you make $100k, this is equal to a $400k mortgage. Along came the fairy godmother and the fairy godmother was able to use projected income. Princess Cinderella was super happy and bought her big huge castle and lived happily ever after.
Who can I help?
- Self-employed Canadians
- Individuals showing low income but have side cash jobs
- Must have a min. of 10% down payment
- Must have excellent credit
- Must be in the business for a min. of 1 year