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ING DIRECT has enhanced our mortgage options for those applicants who have difficulty meeting traditional income guidelines.
Now your clients who have a good credit history and stable employment, including self-employed and 100% commissioned applicants,
can access up to 95% LTV on purchases and 90% on refinances with minimal income verification.
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High-Ratio unmortgage® for the self-employed
Available for
- Purchase
- Refinance
- Owner occupied, maximum 2 units
- Ports
- Assumptions
Maximum mortgage amount
- Metro Toronto, Metro Calgary and Metro Vancouver: $700,000.
- Rest of Canada: $600,000.
Terms
- Available on all fixed and variable rate terms
Restrictions
- Non-occupant, co-borrowers or guarantors not permitted
- Gifted down payments not permitted
Requirements
- Recent Notice of Assessment to confirm no income tax arrears
- Meet TDS and GDS requirements on reasonable stated income
- Self-employed for 2 years or more confirmed by any 1 of the following documents:
- Business License
- Business Credit Report*
- GST/HST Return Summary
- T1 Generals with statement of business activities for 3 years
- Personal Credit Report*
- Articles of incorporation*
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Premiums
| Loan-to-Value Ratio
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Bureau Scores |
Purchase |
Refinance |
Top Up
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| 90.01% to 95% |
700 |
6.00% |
n/a |
n/a |
| 85.01% to 90% |
650 |
4.75% |
4.75% |
7.00% |
| 80.01% to 85% |
620 |
2.90% |
2.90% |
5.50% |
| 75.01% to 80% |
620 |
1.64% |
1.64% |
3.85% |
| 65.01% to 75% |
600 |
1.00% |
1.00% |
2.60% |
| 65.01% and below |
600 |
0.80% |
0.80% |
1.50% |
The above terms, rates and conditions are subject to change without notice. All residential mortgage features apply.
* Documents accepted for applicants who are incorporated.
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