CMHC Self-Employed Simplified

CMHC Self-Employed Simplified will help more self-employed borrowers realize their dream of homeownership by making mortgage loan insurance available for borrowers who have difficulty obtaining third-party validation of their income through traditional forms of documentation.

Eligibility Criteria

CMHC Self-Employed Simplified is designed for self-employed borrowers and commissioned sales persons who have a proven track of responsibly managing their debt and who have worked (either as employee or self-employed) a minimum of two years in the same type of work.

Summary

Self-employed people represent a growing proportion of the Canadian workforce. CMHC's Self-Employed Simplified product enhancement responds to this reality by making it easier for more self-employed borrowers to obtain CMHC mortgage loan insurance, much like borrowers who receive a salary or hourly wage from an employer. As a result, self-employed borrowers will benefit from competitive interest rates.

CMHC Self-Employed Simplified will insure mortgages on one- or two-unit homeowner properties and will also be available for refinance transactions, for mortgages up to 90% of a home's value.

Premium Levels
The CMHC Self-Employed Simplified mortgage insurance premium will vary from 0.8% of the mortgage loan amount for loans with at least a 35% down payment, to 6% for loans with a 5% down payment. These levels reflect the absence of traditional forms of documentation to support the current income of the self-employed borrower.

Manitoba Contact(s):
Prairies and Territories Business Centre
Canada Mortgage and Housing Corporation
600-175 Hargrave Street
Winnipeg, Manitoba  R3C 3R8
Telephone: 204-983-5600
Fax: 204-983-8046
Toll-free (information): 1-800-668-2642
TTY Toll-free (hearing impaired): 1-888-841-4975
Web site: http://www.schl.ca/en/
 

National Contact(s):
Canada Mortgage and Housing Corporation
700 Montreal Road
Ottawa, Ontario  K1A 0P7
Telephone: 613-748-2000
Fax: 613-748-2098
Toll-free (information): 1-800-668-2642
TTY Toll-free (hearing impaired): 1-800-309-3388
Web site: http://www.schl.ca/en/