What if I'm self-employed—can I still get a mortgage?
Quick Answer
Short answer: Yes, but expect more paperwork and potentially higher rates or larger down payments.
Detailed Explanation
Self-employed borrowers face extra scrutiny but aren't locked out. Prime lenders want two years of tax returns, financial statements, and sometimes a letter from your accountant. They may average your income or discount it for volatility.
Alt-A lenders offer stated-income programs at higher rates. Bank Statement programs use deposits instead of tax returns.
- Keep business and personal finances separate
- Don't write off everything—higher claimed income helps approval
- Consider incorporating to show steady T4 income
Disclaimer: This page is for general information only and does not constitute legal, financial, or real estate advice. Always verify details with a licensed Alberta REALTOR®, mortgage professional, or lawyer before making decisions. Buy in Edmonton assumes no liability for actions taken based on this content.
Tim Grover, RE/MAX Excellence • 780-288-5144 • 5607 199 Street NW, Edmonton, AB
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