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Non-Income Qualified (NIQ) Mortgages - is back

Updated: Nov 16, 2022

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

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