#5 - Self Employed and Can't Prove Your Income

In April, CMHC made some major changes to their programs for self-employed clients.

Prior to April, all self-employed clients could use "stated income", if your credit score was high enough, whereby you did not have to prove any of your income, you just had to prove you had been in business for at least two years. You could finance up to 95% of the value of the proeprty on a purchase.

Now the CMHC "stated income" program is really only available for clients that have been self-employed for more than 2 years, but less than 3 years.

If you are self-employed for 3+ years, you must use your average income from the last 2 years of your Line 150 on your Revenue Canada Notice Of Assessments.

However, if you are financing less than 60% of teh value of your property, we do have a couple of lenders that will provide mortgage financing without needing to prove your income.