Question 1

What is a stated-income mortgage?

Accepted Answer

A stated-income mortgage lets self-employed borrowers state a reasonable income for their business and line of work, supported by business records, instead of relying only on net income from tax returns.

Question 2

How long do I need to be self-employed to qualify?

Accepted Answer

Many lenders prefer two years in business, but some alternative lenders accept less, especially with experience in the same field.

Question 3

What documents do self-employed borrowers need?

Accepted Answer

Common documents include Notices of Assessment, T1 Generals, business registration, financial statements, and recent business or personal bank statements.

Question 4

Can I use bank statements instead of tax returns?

Accepted Answer

Some alternative lenders offer bank-statement programs that look at deposits over 6 to 12 months to confirm your income.

Question 5

Do self-employed mortgages cost more?

Accepted Answer

Bank programs can be priced like any mortgage. Alternative and stated-income programs may carry a higher rate or fee. We show you the full cost and a plan to move to better terms later.

Question 6

How is the right lender selected?

Accepted Answer

We compare lender fit, rate, fees, terms, repayment flexibility, property requirements, and your exit plan—not only the advertised rate.

Question 7

Is approval guaranteed?

Accepted Answer

No. Every approval is subject to lender underwriting, property review, supporting documents, and final conditions.

Question 8

What documents will I need?

Accepted Answer

Requirements vary, but commonly include identification, income records, bank statements, mortgage statements, property documents, and consent for a credit review.

Self-Employed & Stated-Income Mortgages

Quick answer: self-employed mortgage

How self-employed & stated-income mortgages work with Altafina Capital

Self-Employed & Stated-Income Mortgages — FAQs