This is a guest post by Julie Cooper of Tower Wealth Management…

Hi Everyone!

I hope you have had a busy spring market!

Today I met with one of my lenders who is opening up their Stated Income mortgages for Rental Properties again! The borrower must be either Business for Self or a fully commissioned earner.

Requirements to prove are:

BFS – one document proving Business for Self at least six months

Commissioned – letter from person who writes the commission cheque stating borrower is 100% commissioned – no income amount to be reported!

With both, no Notice of Assesments or other verification is needed!

This lender will do these stated income for rental property mortgages in Edmonton and immediate surrounding areas for those with average credit (contact me for full details) and 35% down. The investors this may appeal to are those with large amounts of equity in their principle homes or who already have some investment properties with good equity looking to purchase more investment properties – at decent rates! (current 3 year rate is 4.70 and current 5 year rate is 5.99 – rates are subject to change without notice).

I am pretty excited to have a lender back in the rental property/stated income arena and wanted to let you know asap for any opportunities you may come across. Let me know if you have any questions!

Julie Cooper CMA, AMP
Tower Wealth Management/Axiom Mortgage Solutions
16406 100 Ave. Edmonton, Alberta T5P 4Y2
p.780.484.5777
f.1.866.891.7305
t.1.866.484.5777
c.780.982.1154
juliecooper@towerwealth.com

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