Changes to make Qualifying easier for Self Employed Borrowers
Around 15% of the Canadian workforce is Self employed. Self employed borrowers have seen their fair share of struggles when it comes to trying to get a mortgage. What we are seeing now is CMHC , a Canadian Mortgage Insurance company, is changing up their self employed program to hopefully make things easier for this population of Borrowers. Some of these changes will include allowing for alternative options of verifying stability of the business and continuity of income for self employed borrowers with less than 24 months of business operation. Additionally they have made allowances to the different types of documentation required to prove self employed income.
This is just a small step but it is definitely very promising. As more and more borrowers employment is not fitting into the standard box we need to see changes like this to ensure all borrower housing needs are met. If you would like more information about your own situation please contact us!