Stated income lives on!

After last week's big announcement that CMHC was no longer insuring borrowers who wish to own more than 1 primary residence and eliminating stated income for self-employed borrowers, Genworth Canada and Canada Guaranty, Canada's second and third largest mortgage default mortgage insurers, came out to say they were not getting rid of their stated income program. This means there are still good options for those who are self-employed to be able to qualify for a mortgage despite writing down their income on their personal income taxes. The market is very hot in the Lower Mainland right now with bidding wars occurring and multiple offer situations. If you are wishing to buy a home, please contact me to get pre-approved for your financing. If you are expecting a lot of competition for a particular home, we can even get you a full mortgage approval upfront so you can make a subject free offer. Ask me today about getting approved! If you are looking for advise about a new or current mortgage, please call me today!