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Homebuyer Programs

You can be self-employed and qualify for a mortgage with as little as 5% down payment

There is a growing number of Canadians working independently. We have helped many consultants, artists, musicians, actors, restaurateurs, realtors, commissioned sales people, doctors, lawyers, accountants, freelance workers, builders, designers, home renovators, dancers, hairdressers, etc.

The two most important factors are income verification and length of time in the business. We have mortgage products ranging from no income verification to low documentation, and we will recommend one that will meet your needs.

If your reported income qualifies under traditional approval guidelines, you can be self-employed and purchase with as little as 5% down payment.

Should your reported income not qualify you for the mortgage you are seeking, the insurers (CMHC, Genworth, Canada Guaranty) offer mortgage loan insurance options for self-employed borrowers to finance up to 90% of the purchase price (your down payment is 10% only). The insurance premiums are higher than the traditional programs.

Self Employed Homebuyer Program

The program also required a strong credit rating history, as well as specific documentation. If a borrower cannot meet the criteria, there are Alternative Financing Options available, up to 90% of the purchase price or value of home (lesser of the two), at even more relaxed guidelines. There isn’t an insurer who will underwrite the risk and charge a premium as per the program. In these cases, the lenders generally underwrite the risk and charge a fee.

Upon application, the mortgage professional at Homefund that is reviewing your application will advise which specific programs are available to you with full details of the mortgage.

*for LTV ≤ 80%, a 0.20% surcharge will be applied for every 5 years of amortization beyond the traditional 25 year mortgage amortized period.

Applicable Premiums (Owner-Occupied properties)
Loan to Value Ratio (LTV)*
Premium of Total Loan
Validation of Income
Validation of Income
Up to and including 65% 0.60% 1.50%
Up to and including 75% 1.70% 2.60%
Up to and including 80% 2.40% 3.30%
Up to and including 85% 2.80% 3.75%
Up to and including 90% 3.10% 5.85%
Up to and including 95%
• Traditional down payment
• Non-Traditional own payment