35% down payment - No Questions Asked
The program is back for all self-employed and BFS (business for self)
NIQ program is designed for self-employed borrowers with good net worth and property equity who are unable to provide traditional income verification to support debt-servicing requirements but can demonstrate sufficient cash flow to meet debt obligations.
Qualification requirements:
- Self-employed borrower(s) with a minimum of two years self-employed income history
- Principle residences and rental properties zoned for residential use
- Minimum Equifax beacon score of 640 for each borrower
- Borrowers must not have had a prior bankruptcy, consumer proposal or entered into credit counselling
- Full property appraisal required regardless of loan to value
- Stated income needs to be reasonable based on the business industry and company gross sales and expenses
Documentation required
- Offer to purchase (if applicable)
Income documentation
- For sole proprietors or partnerships:
Last two years; complete T1 Generals with Statement of Business Activities (T2125), and
Notice of Assessments (NOAs)
- For borrowers who own a limited company or corporation:
Last two years; complete T1 Generals, Notice of Assessments (NOAs), T4s and accountant
prepared corporate financial statements from all related companies
If a borrower claims dividend income, the last two years of T5s also required
Down payment verification for purchases
Recent mortgage statement from current mortgage holder for refinances