# What mortgage options are available for self-employed Canadians?

> Self-employed Canadians can qualify through traditional income verification (2-year NOA average) or stated-income / business-for-self programs that use bank deposits and 2 years of self-employment history.

Category: Purchasing
Last verified: 2026-04-19
Source: https://ratellow.com/faqs/purchasing/self-employed-mortgage-options-overview

## Answer
Self-employed Canadians have two primary mortgage qualification paths. The first is traditional verification: lenders average net income from 2 years of T1 General tax returns and Notices of Assessment (NOA). Because many self-employed borrowers write off significant business expenses, this declared income may be lower than actual cash flow, limiting the mortgage amount. The second path is the 'Business for Self' (BFS) or stated-income program, available through CMHC (Emili), Sagen, and Canada Guaranty on insured deals, and through B-lenders on conventional deals. BFS borrowers typically need: 2+ years of continuous self-employment (same business), 10–20% down payment (20%+ for conventional), strong credit (680+ preferred), and bank statements showing business deposits. Some lenders 'gross up' declared income by 15% for BFS borrowers. A-lenders like major banks are stricter; alternative lenders and credit unions often have more flexible self-employed programs but at higher rates (typically 50–100bps premium).

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

## Sources
- CMHC Self-Employed Mortgage Insurance — https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/self-employed