I personally believe that the way we know self employment mortgages from the past has disappeared. Stating income and using what we believe to be an accurate indication of debt serviceability for a mortgage qualification is no longer an option in my opinion at the bank level. We can easily qualify the self employment mortgage when the income is there, filed on a personal tax return, to debt service the mortgage - that just doesn't happen often.
Our friends at DLC cover a topic on 7 things every set employed individual should know - before you apply for a mortgage.
This includes:
-What documentation is required to apply using the conventional lending channel
-What documentation is required to apply using the unconventional lending channel
What is all comes down to, like usual, is planning, preparation and advise from a professional. If you are self employed, before you buy, refinance, renew, its time to speak to a professional that understands how your filing income, what you can qualify for, what programs are available and the terms associated with these options.
For more advise, we can help pre-qualify any self employed client by connecting with us on one of our forms.