The Canadian banks have tightened the rules for self employed persons wishing to buy real estate.
Most self-employed clients can qualify under our conventional mortgage offering by providing documentation to confirm their income
Self employed buyers who need to use a stated income to qualify can take advantage of the RBC self employed stated income (Equity) Program for financing up to 65% of the value of their home without default insurance, or financing up to 90% with default insurance.
Alternatively, buyers with significant liquid assets may qualify for the RBC High Net Worth Equity Program if they have a minimum 35% down payment.
In addition, the RBC Homeline Plan®2 (access up to 80% of your purchase price or the appraised value - whichever is less) product gives self-employed real estate buyers flexible access to credit by allowing them to manage their mortgage and personal credit under one plan.
Whether you need to borrow a little or a lot, RBC has an option that can be customized to suit your situation.
To learn more about how we at RBC Royal Bank® can help you , contact Paul Reynolds 604-728-6864 Mobile Mortgage Specialist
August 24, 2015