HomeOpeners®: Business For Self (Alt. A) Program
Getting a mortgage can be a challenge for self-employed home seekers because of the documentation that’s required to verify income when borrowing money.
Here is a story about how Genworth Canada’s Business for Self program opened the door to homeownership for a pair of entrepreneurs.
Hello, my name is Angela Baggio and I am an account manager at Genworth Canada.
Getting a mortgage can be a challenge for self-employed home seekers because of the documentation that’s required to verify income when borrowing money. Today I’d like to tell you how a pair of small business owners successfully secured a home loan and achieved their dream of homeownership.
When Adam and Jennifer Jones embarked on their homeownership journey, they were concerned that because they were self employed, they may not qualify for a mortgage under traditional guidelines. The couple had started a successful catering business three years ago. Business was good and the next step was to purchase a home of their own, before starting a family.
The Joneses went through a pre approval meeting their with mortgage provider, who recommended Genworth’s Canada’s Business Self (Alt. A) program. It’s a program that makes it possible for self-employed borrowers who are unable to provide traditional income verification to qualify for a mortgage loan. Under this program, self-employed borrowers must have a proven two-year history of managing their credit and finances responsibly in order to qualify.
With as little as ten percent down and in conjunction with their strong credit scores, reasonably stated income and acceptable real estate, Adam and Jennifer were able to achieve their goal of home ownership.
Genworth Canada’s Business for Self program opened the door to homeownership for this pair of entrepreneurs. The Joneses gained access to homeownership, began creating home equity and are now getting ready for parenthood!
Know your options and ask your mortgage professional how Genworth Canada can help you realize the dream of homeownership sooner.