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Q: I run a renovation business and receive some cash payments. My declared income is low. Am I out of luck?
A: Low declared income doesn't mean you can't get a mortgage. You can look into "Stated Income" programs for self-employed individuals. These programs don't rely on your T1 tax returns; instead, they look at your business bank statements (6-12 months), contracts, or invoices. They usually require a 20%-35% down payment, and rates may be slightly higher than A-lenders. If you have sufficient down payment, many B-lenders can approve the loan.
Q: I want to buy an old house and build a 4-plex. Can I use a regular mortgage?
A: You can usually use a residential mortgage to buy the old house and land. However, once you start building, you will need a Construction Loan. If you build 5 or more units, it becomes a commercial property loan. Construction loans advance funds in stages based on a Draw Schedule and strictly evaluate the builder's qualifications and budget. It's best to consult a lender before removing conditions on your offer.
Q: We just landed in Vancouver as PRs and haven't found jobs yet. We brought cash from overseas. Can we buy a home?
A: Yes. Many Canadian lenders offer specific programs for newcomers (within 5 years of landing). They typically don't require local income or Canadian credit history. The down payment is usually around 35% (some programs accept 30%). You need to provide landing documents (COPR/PR card) and proof of down payment source (overseas bank statements, wire transfer records, etc.).