Self-Employed Mortgage
Self-Employed Mortgage — Winnipeg
Self-employed borrowers pay a premium at big banks — because traditional underwriters don’t understand write-offs, retained earnings, or seasonal income. We do, and we work with lenders who do.
Arranged by Poupe Vongkhamchanh, Mortgage Agent with CENTUM Financial Services LP (AFC), serving Winnipeg and Manitoba homeowners. View full profile on CENTUM →
Five highlights of self-employed mortgage in Winnipeg.
Stated income + full income lenders
some lenders accept business bank statements or gross revenue; others require T1 General + Notice of Assessment. We match your file to the right one.
2-year self-employment history minimum for most prime lenders
Alternative lenders can approve at 12 months.
Add-backs
depreciation, home-office expenses, business-use-of-vehicle, and other paper losses can be added back to declared income to qualify.
Same rates as employed borrowers
with the right lender. Big banks penalize self-employed; broker-channel lenders often don’t.
CMHC self-employed insurance
up to 90% LTV with as little as 10% down if credit and income support it.
Why the Bank Says No and We Say Yes
Big five bank underwriters look at line 236 of your T1 (net income). If your accountant wrote off $40K in legitimate business expenses, your line 236 shows $60K instead of $100K — and the bank qualifies you against $60K.
Alternative lenders and some prime lenders will “gross up” your declared income (typically by 15%) or use business bank statements to reconstruct your true earnings. That’s the difference between qualifying for a $300K mortgage and a $500K mortgage on the same income.
Signs You Need a Self-Employed Broker
You’re incorporated and pay yourself in dividends, salary, or a mix.
You’re a sole proprietor with 2+ years of T1s.
You have retained earnings in your corporation but a modest T4 salary.
Your business had a lean year in the last 24 months and it’s dragging your average.
You have gig / contract / consulting income across multiple invoices, or your bank has declined you despite strong business performance.
Not sure which one is you?
A quick, no-pressure call clears it up fastest — and it costs you nothing.
Our Self-Employed Process
Deep intake
corporate structure, income sources, add-backs, business trajectory.
Reconstruct qualifying income
we work out your true qualifying number using all legitimate add-backs.
Lender match
some lenders love self-employed files (First National, MCAP, Home Trust); others avoid them.
File preparation
self-employed applications need more supporting documentation than salaried; we prep it right the first time.
Approval + funding
same 120-day rate hold as any pre-approval.
Frequently asked questions about self-employed mortgage.
Still wondering about something? A quick, no-pressure call clears it up fastest.
Yes, you can get a mortgage if you’re self-employed in Manitoba. Broker-channel and alternative lenders have programs specifically for self-employed borrowers — sole proprietors, incorporated business owners, contractors, and consultants — using stated-income, business-bank-statement, or add-back qualification methods.
You need to be self-employed for a minimum of two years to qualify at prime lenders, with the same industry or business type throughout. Alternative lenders can approve at 12 months of self-employment, sometimes less, at a modest rate premium.
Self-employed mortgages do not have higher interest rates when placed with the right lender. Big banks often quote self-employed applicants a premium, but broker-channel and credit union lenders like Cambrian, First National, and MCAP typically match employed-borrower rates for well-qualified self-employed files.
Yes, you can use add-backs to qualify for a mortgage. Common add-backs include depreciation, home-office expenses, business-use-of-vehicle, capital cost allowance, and other non-cash paper deductions. Lenders vary in what they accept; we know each lender’s rules and structure your file accordingly.
The down payment you need if you’re self-employed is 5-10% for CMHC-insured self-employed programs (proof of two years of business), or 20-35% for stated-income or alternative-lender programs. A larger down payment opens more lender options and better rates.
Yes, you can get a mortgage with just business bank statements through specific lender programs — often called “bank statement mortgages” or “stated income” programs. These programs review 12-24 months of business deposits to reconstruct your true income, useful when your T1 declared income understates your actual earnings.
Let’s talk about your self-employed mortgage.
Free consultation with a licensed Manitoba mortgage broker — no pressure, no cost.