Self-employed increasingly turning to private lenders for mortgages

While many prospective homeowners are driven to alternate lenders because of government-mandated stress tests and poor credit scores, the self-employed often have additional burdens to overcome in proving their income.

Still, the option can be helpful for the self-employed who expense as much as they can in order to reduce their taxable income and who have a strategy to beef up their credit score with a goal of returning to a traditional lender. Proving a sufficient track record of income to qualify for a mortgage can be the biggest challenge for people who work for themselves.

"Our aspiration really is to make sure everyone in Canada has a home they can afford and that meets their needs," Staresina said from Ottawa.

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As mortgage qualification gets tougher, self-employed buyers turn to private lendersAccording to the Bank of Canada, private lenders have doubled their share of the mortgage market since 2015 globeinvestor Why are lenders giving 25yr mortgages? We're all dead in 12yrs...that is not a smart investment ...smh
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