Business-for-self/Self-employed

Also known as BFS, Stated Income Program, and Self-declared Program.

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Key highlights

Transaction types
  • Purchases
  • Refinances
  • Title transfers
  • Equity take out
  • Ports
Property types
  • Single family homes 1-4 units
  • Condos
  • Rentals
  • Secondary homes
  • Investment properties
Loan to value (LTV)Maximum 80% (contact your sales representative)
Standard GDS/TDS
50%/50%
Extended Ratio Product (ERP): 60%/60% - available in select markets
Maximum amortizationUp to 30 years
Credit requirements
  • Qualified at contract rate + 2% or benchmark - HIGHER of the two
  • Limited credit and consumer proposals/bankruptcy considered
Rates
  • Beacon Score driven
  • No maximum loan amount
ValuationAVM available if deal qualifies or Approved Appraiser List


Income

BFS requirements:

  • Less than 2 years accepted
  • Minimum 12 months business bank statements or business financials required
  • Signed and completed DOI form
  • Net income used to qualify
  • Gross income and expenses should align with industry and DOI
  • Registered and non-registered considered

Evidence:

  • Articles of incorporation or master business licence
  • GST/HST registration
  • Business income
  • Additional supporting income
  • Gifted down payment accepted
  • 2-3 reference letters in lieu of business registration for non-registered businesses 

Value add programs available, including Extended Ratio Program & TotalWorth® Mortgage. 

Have questions? Contact your sales representative today.

Don’t have a rep? Email sales@eqbank.ca.

Subject to change without notice. Additional criteria may apply. This information is intended for the recipient only and not for distribution without written consent.