Self-Employed and Applying for A Mortgage? Great News!

Posted on 19 July, 2018

Self-employed Canadians may have a harder time qualifying for a mortgage as their incomes may vary or be less predictable. Canada Mortgage and Housing Corp. (CMHC) is making changes intended to make it easier for the self-employed to qualify for a mortgage. The national housing agency says it’s giving lenders more guidance and flexibility to help self-employed borrowers.

CMHC is providing examples of factors that can be used to help support the Lender’s decision for borrowers to qualify who have been operating their business for less than twenty-four months, or in the same line of work for less than twenty-four months. 

CMHC is also providing a broader range of documentation options to help increase flexibility for satisfying employment and income requirements.

Self-employed Canadians represent a significant part of the workforce.

These policy changes respond to that reality by making it easier for self-employed borrowers to obtain CMHC mortgage loan insurance and benefit from competitive interest rates. The changes, which apply to both transactional and portfolio insurance, will take effect October 1.

Are you self-employed and would like more information on how we can help you and plan for the future?

Please feel free to contact our office and speak to one of our Mortgage Brokers today!


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