NEW SELF EMPLOYED PROGRAM

Canada Mortgage & Financial Group (CMFG) with partnering institutional lender is now offering an alternative B program for clients who cannot qualify or provide substantial documentation with the big banks. Blemished credit, discharged bankruptcy clients and consumer proposal clients are eligible. Rate and Loan to value (LTV) is subject to client’s credit history and review of application.

RATE HOLD:  90 days

AMORTIZATION:  Minimum 10 years and Maximum 30 years

RATE CALCULATION:  Compounded semi-annually, not in advance.

PAYMENT FREQUENCIES:  Weekly, bi-weekly, accelerated and monthly  payments

PREPAYMENT OPTIONS: Up to 20% of the original principal amount and up to 20% increase in payments.

PROPERTY TAXES: Paid by the Lender.

PROPERTY  TYPES:  First mortgage only. Residential properties up to 80% LTV.

CREDIT BUREAU:  Credit bureau must be dated at least 30 days within the application date. Credit history to be supported with a reasonable explanation for blemished credit. Discharged from bankruptcy with minimum 1 year waiting period (subject to LTV restrictions and other minimal credit requirements)  Consumer Proposal on repayment (minimum 12 months)

INCOME:  Self-declared income letter, Current year Notice of assessment (NOA) confirming no tax arrears and 3 – 6 business bank statements. Commission income is eligible.

DOWN PAYMENT:  Minimum 20% down payment OR Minimum 35% down payment for non-conforming.

TERM:  1, 2, 3, 4, 5 year fixed

PURPOSE OF FUNDS:  Purchase, Refinance and Equity Take Out

TYPE OF BORROWERS:  Borrower is self-employed and has evidence of owning and operating a business for minimum of 6 months OR Borrower is commissioned and has evidence of earnings via commission and/or bank statements for a minimum of 6 months

 CONTACT: Ameera@cmfg.ca or call 647-494-9885 ext 107 or 647-242-9814.