Are you self employed and does your accountant do too good of a job writing off income? We all want to pay less income tax and that is one of the reasons we employ accountants. They can work their magic so a good portion of self employed earnings are written off against eligible expenses. This is awesome! But where this practice can get tricky is when you go to your bank and want to borrow money to purchase or refinance a home. They tell you that you don’t show enough earnings on your tax return to qualify for a mortgage.
The government has tightened up policy on mortgage qualifications for self employed recently as well, making it harder than ever to qualify. No more 5% down payment, self employed individuals must have 10% down now in order to take advantage of a self employed program. No more automatic approvals if you simply prove self employment and have a good credit score. Things are a little more difficult and involved, but we at Invis can help.
There are still options available to help self employed individuals obtain mortgages. If you need help finding a mortgage due to self employment or hard to prove income, call us at Invis West Coast Mortgages for a no obligation consultation. We can find the right program with the right lender for you. These programs are still out there even though there has been some changes, we know where to look! Call us today!
Tags: mortgage broker vancouver island, self employed mortgage programs
