Purchases are only available up to 90% (previously 95%)
Refinances are only available up to 85% (previously 90%)
Commissioned sales borrowers are no longer eligible under this program
A minimum of 2 years consecutive self-employment will no longer be required
Borrowers must have a minimum of 2 years work experience in the same field
Now, self-employed and commissioned-income borrowers with more than three years in the same business applying for a mortgage, are required to provide traditional proof of income (or "third party validation") through documents like financial statements, T1 Generals, Notice of Assessments and T4s etc.
PLEASE NOTE: Genworth Financial Canada’s (GNW) policies remain unchanged and self-employed applicants who have been in business for 2 years or longer continue to be eligible BUSINESS FOR SELF (ALT. A) program that means more Choice & Convenience for your potential clients.
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Rekha Dhiman AMP
Residential & Commercial Mortgages
SYNDICATE MORTGAGES INC.
C: 416-878-3607 | F: 905-773-1520
E: firstname.lastname@example.org | www.rekhadhiman.com