Bank lending requires income verification to actually qualify for a mortgage. So when they qualify for a mortgage, we’re talking like 90% to 95% financing, so that’s 5% or 10% down.

The larger the down payment, the wider range of lenders they can use, so they can get someone else to approve the mortgage and you might even go into the B-market, which would be the higher interest kind of guys.

For self-employed people, there are programs from the banks that allow self employed people to go through this process, but they’re kind of specific to a one-on-one basis. For example, you’re a realtor (self-employed), so what you show as income in terms of taxable versus what you show as gross; we’re able to use some of those figures to get to a medium that’s going to allow you to do what you want to do.

Same thing with other commission people, businesses for self – it’s a one-on-one process, so there’s no real example I can give that says oh yeah you can do this and 95% financing or 65% financing.

We had a client just last week who recently separated, had no discernible income and just recently got hired but that income didn’t qualify him at the level that he needed to get to buy the property, but he had a significant down payment that allowed him to get the property.

Catch Bill Macklem of Dominion Macklem Mortgages at every Saturday morning at 10am on the AM650 Radio Real Estate Show in Metro Vancouver with host Tom Lucas and Sheri Brown.