# Income Verification Standards: Renewal Hill Adherence

> Self-employed borrowers have multiple paths to prove income:.

Category: Financing
Last verified: 2026-02-18
Source: https://ratellow.com/faqs/financing/income-verification-standards-renewal-hill-adherence

## Answer
| Documentation Type | Lender Category | Rate Premium | Notes |
|---|---|---|---|
| **Full docs (2yr T1/NOA)** | A-lenders (Big 5) | None | Best rates, strictest proof |
| **1-year financials** | Select A-lenders | +0.10-0.25% | Must show strong revenue trend |
| **Stated income (BFS)** | B-lenders | +0.50-1.50% | 6-12 months bank statements |
| **Asset-based** | Private lenders | +2.00-5.00% | Equity-focused, minimal income docs |

The sweet spot for most self-employed borrowers is an A-lender that accepts 1-year financials with strong bank statement support.

## Related guide
- https://ratellow.com/guides/self-employed-mortgage-bfs

## Sources
- Guarantors and co-signors of mortgages — https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/residential-mortgage-underwriting-practices-procedures-guideline-2017#2.3.2
- Contents — https://www.sagen.ca/ups/underwriting-documentation/#documentation
- I. Purpose and scope of the guideline — https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/residential-mortgage-underwriting-practices-procedures-guideline-2017#1.0