Читать книгу Complete Home Buyer's Guide For Canada - Geraldine Santiago - Страница 20

The lender looks at three critical areas when determining a person’s maximum qualifying amount. It considers your gross annual employment income, credit, and the down payment. If you are self-employed or earn commissioned income, your gross earnings will be treated differently if you are requiring high-ratio financing (buying with less than 25 percent down). If you are self-employed, CMHC restricts lending institutions to using a three-year history, and they are allowed to consider only your net income, not your gross income. This amount is found on your tax notice of assessment. If you earn a commission at your work, 80 percent of the commissioned income is considered, as well as an average of last year’s income.