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Newly Self-Employed applicants are normally required to demonstrate at least two full years of operation of their business.  However, with the new policy changes at CMHC and the co-operation of lending institutions it is now possible to finance purchases for the newly self employed.

If a borrower has been working for an extended period of time and recently became self-employed in the same field, performing essentially the same function with the same skill requirements, the two year self-employed requirement does not apply.

Newly Self-Employed Example:
Mr. Smith has worked for an oil company for several years as engineer in Edmonton. He leaves to start up a new engineering company in Calgary.  We now can use the client’s income that he made when he was working as an employee in Edmonton. 

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The number of mortgage financing products available to Canadians has expanded rapidly over the past few years. Call to find out which financing option is best suited to your circumstances.

MyMortgage.ca - Calgary Mortgage Broker
Phone us toll-free @ 1-866-509-1090 for more information.