CMHC Announces New Help For Self Employed Home Buyers
For many self employed home buyers the process to buy a home is daunting.
Now though, it seems like help is on the way for self employed professionals.
CMHC is ready to offer more guidance and flexibility to help self-employed homeowners.
As part of the National Housing Strategy, CMHC’s plan aims to support those whose income can be a moving target.
The changes are as follows:
- Providing examples of factors that can be used to support the lender’s decision to lend to self-employed borrowers such as:
- Acquiring an established business
- Sufficient cash reserves
- Predictable earnings
- Previous training and education
- Make it easier to meet income and employment requirements. Such As:
- Notice of Assessment (NOA) accompanied by the T1 General
- CRA Proof of Income Statement and the Statement of Business or Professional Activities (T2125)
The changes come into effect from October 1, 2018.
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