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Self Employed and Looking at Mortgage Choices?

Well CMHC is not the only insurance game in town.  CMHC has taken a hard line on Self Employed Canadians these days, and it affects the long term Business for Self Canadian.  If you have been self employed for over three years, our government thinks that you should be taking out enough money via NOA’s to afford your lifestyle.  Many self employed borrowers keep their personal income down to avoid paying high taxes.  The government is slapping those Canadians on the wrist for this and hitting them hard.  Thankfully, Genworth is still in business in Canada and offers the same Self Employed mortgage product they always have.  You will NOT be penalized for being self employed for over 3 years with Genworth.

You can still buy a home with as little as 10% down even if you have been self employed for over 3 years with Genworth.  I do most of my business with Scotiabank, because I have a wonderful relationship with my underwriter whom I have been working with for over 5 years now.  There are few lenders that will go to bat for clients, and thank heaven I work with one of the few.

Here is a comparison side by side example of the difference in Self Employed Mortgage Programs between CMHC and Genworth.

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