It may surprise you to know that currently about 20% of adults in Canada are self-employed and this number is steadily growing. With such a high number of people working for themselves and earning an income that may or may not be consistent and easy to verify, it may seem difficult for lenders to grant them a mortgage. In the case where your income cannot be readily verified, then a good credit history and a minimum down payment of 10% would suffice.
On the other hand, if you can prove that you have a viable source of income, then you will be able to obtain traditional mortgage products with the same rates and down payments available to employed applicants.
However, for us, we see your being self-employed as an opportunity to provide you a self-employed mortgage as long as you can meet the lenders necessary requirements upon your application, some of these requirements include;