Genworth mortgage insurance allows lenders to give business owners and professionals the best mortgage rates available on residential financing.
This low documentation, stated income program does NOT require proof of bottom line tax return or financial statement earnings. The business owner is simply required to "state" what he or she believes the income to be. Your stated income can be based on gross earnings or on projected earnings, as long as the stated income "makes sense" in the context of the business or profession.
You must meet the following guidelines to be eligible for Genworth Mortgage Insurance and BestRate residential financing:
Self Employed Contractor or Sole Proprietorship, Partnership (professionals), Owners of Incorporated Companies, and Commissioned Sales Agents (for 100% commission income). You must have good credit with minimum 650 beacon and no major derogatory credit history.
Documentation requirementsfor Genworth Mortgage Insurance:
You must be able to provide some third party evidence of at least 2 continuous years business for self. Such evidence might be incorporation documents, business license, or GST receipts. You must provide last year's Notice of Assessment from Revenue Canada showing no tax arrears.
Loans backed by Genworth Mortgage Insurance are priced at maximum discounted lender pricing.Call today for a quote and over-the-phone approval.
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