Your declared income isn't representative of your current income? If this is the case, we've got good news: you now have access to differents programs that could help you buy a property . For that, you will need to know more about it
3 PROGRAMS THAT CAN HELP YOU BUY RIGHT AWAY
- A LENDING - 2 Years of averge personal declaration (5% Down payment)
- ALT-A PROGRAM ( 2 YEARS AVERGE BUT LOW INCOME + 10% DOWN PAYMENT )
- B LENDING SOLUTIONS ( ONLY 6 months of bank statements with 20% DOWN PAYMENT)
What kind of business owner can apply to this program?
The ALT.A program is not for all types of businesses.
Self-employed business owners
must meet the following criteria:
- Must be a small or medium-sized company;
- Part of the customer base must be composed of retail customers;
- The business must have many customers;
- The company must accept payments in cash;
- The company must show an increase of revenue year over year;
- The company is profitable;
- The company provides services;
Examples
self-employed business owners eligible to the program:
- Construction: plumber, carpenter, electrician, machinery operator;
- Residential services: pruning, extermination, housekeeping, lawn mowing, snow removal;
- Beauty services: haircut services, cosmetic services, nails;
- Health and wellness services: chiropractic, osteopathy, massage, personal trainer;
- Misc. services: tattoo and piercing, auto mechanic, building inspector.
ALT.A mortgage:
Self-employed workers with self-reported income qualification:
- In business for at least two years;
- Must provide at least two years of proof of income;
- Provide self-reported income information relevant to line of business;
- Past income tax paid in full (proof WILL be required);
- Must have an excellent credit score;
- Must have a minimum down payment of 10%;
- Must purchase a property of a maximum of 2 units where 1 unit must be owner occupied;
- The maximum value of the property does not exceed $1,000,000;
- The maximum amount of the loan is $600,000.
Get expert advice on your financial options
Because we are independent mortgage brokers, we are not tied to a specific product range or a particular lender. Our only goal is to help you secure the best financing possible for your property. First, we take the time to get to know you and then work with you to define your property ownership objectives. Our solutions are based on the mortgage products that suit your needs. Together, we then decide on the best approach to reach your objectives.
Mortgage loan WITHOUT ALT.A program (and a 10% down payment)
- Purchase price = $300,000
- Genworth premium (3.1%* of $300,000) = $9300
- Tax on Genworth premium, payable at the notary (9% of $9300) = $837
- Loan + premium (3.1%) = $309,300
- Monthly payment at 3% = $1463.75
Mortgage loan WITHOUT ALT.A program (and a 10% down payment)
- Purchase price = $300,000
- Genworth premium (5.85 %* of $300,000) = $17,550
- Tax on Genworth premium, payable at the notary (9% of $17,550) = $1579.50
- Loan + premium (5.85 %) = $317,550
- Monthly payment at 3% = $1502.79
- A monthly difference of $39 ($1503 – $1464 = $39).
3 PROGRAMS THAT CAN HELP YOU BUY RIGHT AWAY
- A LENDING - 2 Years of averge personal declaration (5% Down payment)
- ALT-A PROGRAM ( 2 YEARS AVERGE BUT LOW INCOME + 10% DOWN PAYMENT )
- B LENDING SOLUTIONS ( ONLY 6 months of bank statements with 20% DOWN PAYMENT)
LET ME HELP YOU FINANCE YOUR LOAN
I'll Sweat The Details so you Don't Have to.
- EXPERTISE
I will provide you independent expert advice on your financial options. I am not tied to a specific lender or products so I can offer you mortgage products that will best match your specific needs.
- YOU SAVE TIME WITH ONE-STOP SHOPPING
Instead of spending your valuable time meeting with competing mortgage lenders, I can quickly narrow down the list of lenders that will help you achieve your financial goals. I will make your comparison-shopping fast, easy, and convenient.
- NO CHARGE TO YOU
There’s absolutely no charge for my services on typical residential mortgage transactions. Like many other professional services, such as insurance, mortgage brokers are paid a finder’s fee when we introduce dependable clients to a financial institution.
Make a request
Get approved for your private mortgage or bank loan easily and quickly with Serujan Kaneshalingam and Planiprêt Mortgage.
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