Qualifying for a mortgage when you are self-employed can seem a little daunting. Don’t worry, we’re here to help.
The Canadian home insurance companies, CMHC and Genworth, recognize the challenges faced by self-employed individuals when wanting to purchase a home. Therefore, both CMHC and Genworth offer loan insurance options for self-employed borrowers with out the need for traditional third party validation of income.
- Available for purchases and refinancing
- Can finance up to 90% on purchases and 80% on refinances
- Best mortgage rates
- Great credit
- Proof of business for self
- Gifted down payments are not allowed
- Proof of no taxes owing on income
CMHC and Genworth Premiums
The CMHC and Genworth insurance rates will be different if you are mortgaging a house as a self-employed individual or family.
|Loan-to-Value||Premium on Total Loan|
|Up to and including 75%||1.00%|
|Up to and including 80%||1.64%|
|Up to and including 85%||2.90%|
|Up to and including 90%||4.75%|