Self-employed Canadians seeking to buy a home may soon find it easier to secure a mortgage after changes announced by Canadian Mortgage and Housing Corp.
CMHC said self-employed people make up about 15% of Canada’s population but they may have difficulty qualifying for a mortgage because their incomes may vary or be less predictable.
In the changes, CMHC said several factors could be used in the future to support a lender decision to give a mortgage to self-employed borrowers who have been operating their business for less than two years or have been in the same line of work for less than two years.
Read more about these changes coming October 1st here: https://www.cbc.ca/news/business/cmhc-self-employed-mortgages-1.4753446
If you have any questions regarding your mortgage, or how this might affect you please call us or email firstname.lastname@example.org with any of your concerns!