Self-employed or variable income
Lenders may calculate usable income differently when earnings come from a business, commission, contracts or several sources. Self-employed mortgages in Ontario often depend on how that income is documented.
Estimate your home-buying range
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Do you currently own any properties?
When purchasing is less straightforward
New to Canada
A limited Canadian credit or employment history does not tell the complete story, but residency status, income and down payment documentation still matter.
Credit challenges
A past credit issue is assessed based on what happened, how recent it was and what has changed since then.
A property outside standard guidelines
Rental use, multiple units, condition, location or other property details can affect which lenders will consider the application.
These situations do not automatically mean yes or no. They mean the complete application, including any non-traditional income, needs to be reviewed before determining what may realistically be possible.
Common questions
Can I qualify for a mortgage if I am self-employed?
Often, yes, but lenders look closely at how income is earned and documented. Many review two years of tax returns and Notices of Assessment, while some lenders consider business statements or other evidence when declared income is lower than actual cash flow. The length of time in business, the industry, the down payment and credit history all affect which lenders may be suitable and on what terms.
Can I get a mortgage with limited Canadian credit history?
It may be possible. Some lenders offer mortgage options for newcomers to Canada that consider residency status, employment in Canada, the size and source of the down payment and, in some cases, credit history from another country. Requirements vary by lender and by insurer, so the complete picture needs to be reviewed before determining what may be realistic.
Does a past credit problem prevent me from buying a home?
Not necessarily. Mortgages after credit challenges are assessed on what happened, how long ago it was, whether it has been resolved and how credit has been managed since. A recent or unresolved issue may limit options to alternative lenders with different costs, while an older issue followed by consistent payments may have less effect. Each situation needs to be reviewed individually.