Mortgage Rules for Self Employed Real Estate Buyers

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

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