New Genworth Business For Self (Self-Employed) Program – Gifted Down

Down Payment Change highlighted in bold below: The income reported by the borrower must be reasonable based on the industry, length of operation and type of business Strong credit and credit score with minimum 2 trade lines with at least two (2) years history (for recommended bureau score requirements see the premium matrix below) Genworth [...]

CMHC Canadian Mortgage Rule Change Summary

In summary, talk with your realtor about buying a home ASAP.  Make sure you get a ‘live mortgage commitment’ dated before April 19th 2010. The new imposed rules will affect how much you are qualified for. 1. 20% minimum down payment for rental properties (used to be 5%) 2. Maximum refinancing reduced from 95% loan [...]

95% Loan to Value Second Mortgage

As of today, 2nd mortgage up to 95% LTV is available through selective lenders only as long as the first position lender is a CMHC approved lender. If you are planning to do some equity take out on your principle residence, this will work well. For a business for self (stated income), this program is [...]

CMHC Business For Self – Summary

Everything You Know about CMHC Borrower Eligibility -Available to self-employed borrowers including: Self-employed 100% commission (After April 19th, 100% commissioned no longer qualifies under this program) Self-employed contract Self-employed seasonal Self-employed small business owners Self-employed professional CMHC BFS Borrower Requirements Must demonstrate at least 2 full years of operation of the same line of business [...]

CMHC Self Employed Policy Change

CMHC will no longer accept applicants under their Self Employed program who own and incorporate a company. CMHC will still however do “sole proprietor” under that program. If applicant is incorporated they will now have to fully qualify. Other high ratio mortgage insures in Canada also include Genworth and AIG. However, the lenders must adopt [...]

CMHC – Self-Employment (BFS) Policy Change

CMHC will no longer accept  applicants under their Self Employed program who own and incorporate a company.   CMHC will still however do “sole proprietor”  under  that program.   If applicant is incorporated they will now have to fully qualify. Other high ratio mortgage insures in Canada also include Genworth and AIG.  However, the lenders must adopt [...]

Genworth – Self-Employed Insurance Guideline Changes

Effective December 8, 2008, the following changes have been implemented to the Genworth BFS Program. * Borrowers with commission income are no longer eligible * The income reported by the borrower must be reasonable based on the industry, length of operation and type of business. * Beacon Scores have increased for 95% LTV deals – [...]

Flex Down payment VS Traditional Down Payment

Flex Down” actually has been around for some time. Flex down (CMHC program) is available for an “employed individual” who receives salary, or for “self employed” only if he/she claims sufficient income to debt service. Flex down payment could include the following: personal line of credit (LOC) credit card transfer borrowed funds. Whereas, a traditional [...]

Tip 5 – Commercial Properties at 100% Financing

With our relationship to local lenders, we have access to get you a 100% financing for an owner-occupied commercial properties. Thus, if you run a business and currently lease the place. You should look deeper to this opportunity. The lender would require to see that you have been successfully paying a similar amount of rent [...]

Tip 4 – Commercial Properties at 100% Financing

Thru specific local lenders, we have access to get you a 100% financing for an owner-occuipied commercial properties. Thus, if you run a business and currently lease the place. You should look deeper to this opportunity. The lender would require to see that you have been successfully paying a similar amount of rent to your [...]