Self-Employed
Business owners and self-employed Canadians deserve great mortgage rates too — we know how to make your application work.
Getting a mortgage when you are self-employed has historically been challenging — but it does not have to be. Calgary Mortgage Shoppe has helped hundreds of business owners, contractors, and entrepreneurs in Calgary secure competitive mortgage financing. We know exactly which lenders understand self-employment income and how to present your application for approval.
Why Choose Calgary Mortgage Shoppe?
- Specialized lenders who understand self-employment
- Stated income programs for strong-credit borrowers
- CMHC Business-for-Self (BFS) insured programs
- Incorporated business and sole proprietor expertise
- Application structured to maximize qualifying income
- Minimum 5% down for some programs (10% for stated)
- We advise you on tax strategy vs. mortgage strategy
- Confidential u2014 your business financials handled securely
Frequently Asked Questions
How long do I need to be self-employed to qualify?
Most lenders require a minimum of 2 years of self-employment history, supported by two years of tax returns. Some lenders may consider 1 year if you were previously employed in the same field.
Can I get a mortgage with a low declared income?
Yes, through stated income programs. These are designed for self-employed borrowers whose tax return income does not reflect their true earning capacity. Strong credit (680+) and a minimum 10u201320% down payment are typically required.
Will my mortgage rate be higher because I am self-employed?
Not necessarily. If you can fully document your income, rates are the same as for traditionally employed borrowers. Stated income programs may carry a small rate premium, but competition between lenders keeps this minimal.
Can I use my corporation's retained earnings for a down payment?
Yes, with proper documentation. Your lender will need to see that the funds have been in the corporation's account for 90 days and will require confirmation that the withdrawal will not jeopardize the business's operations.
I write off a lot of business expenses. Does that hurt me?
It can, if it brings your net income below what is needed to qualify. We will review your actual financials and advise you on whether a stated income program or adjusting your approach for the next tax year makes more sense.