Special Programs for Self Employed Buyers
JENCOR : March 9th 2019
The federal government continues to impose restrictive guidelines on all mortgage applicants. One group particularly hard hit are business for self borrowers.(BFS) Many BFS clients hire good accountants . Good accountants are great for a lower tax bill, but low taxable earnings are not so good for obtaining a mortgage. Most lenders require two years of personal tax returns, notice of assessment, and corporate financial statements. If your clients are being declined after providing all of that information perhaps one of the special programs that still exist could help.
We have lenders who will consider:
- Using an insured stated proof of income mortgage to 90 % loan to value. We do need to provide information to confirm the reasonableness of the application.
- Using an insured stated proof of income mortgage to 65% loan to value. Again we need to confirm reasonableness but no insurance premium applicable.
- Using a series of bank statements to confirm business cash flow to support a mortgage. Maximum 80% loan to value.
- Using a cash flow analysis of the corporate financial statements to support the income requirements 80% loan to value.
- We have some other esoteric programs too hard to describe in one line.
Your Jencor rep can often help a BFS client who has been frustrated by their own bank or an inexperienced broker.
We have the experience and the expertise