Business for Self (Alt. A)
Enables self-employed borrowers who manage their finances responsibly to obtain mortgage insurance without traditional income.
Help Self-Employed Borrowers Own The Home They’ve Worked Hard For
Many borrowers who are self-employed have good credit and are in control of their finances, but cannot provide traditional means of income verification. This product helps self-employed borrowers find their path to home ownership.
|LTV Ratio||Premium Rate||Top-Up Premium|
|Up to 65%||1.50%||3.00%|
|65.01% - 75%||2.60%||6.50%|
|75.01% - 80%||3.30%||7.00%|
|80.01% - 85%||3.75%||7.50%|
|85.01% - 90%||5.85%||9.00%|
- Progress Advance Program
- Purchase Plus Improvement Program
- Second Mortgage Program
- Available up to 90% Loan-to-Value
- Borrower is a Sole Proprietor, Partnership or Corporation with a proven 2-year history of managing both their credit and finances responsibly
- The borrower is required to declare their annual income and annual business income, which should be reasonable based on their industry, length of operation, and type of business