It is interesting to note that on March 30, 2007, Canada Mortgage and Housing Corporation (CMHC) has launched a program for people doing business for self (BSF), called"Self-Employed Simplified".
This means that borrowers with good credit history, minimum two years in same type of work and no income tax arrears, can now apply for up to 95% financing for purchase and up to 90% for refinancing.
While home buyers (permanent residents including citizens and immigrants as well as newcomers to Canada), who are employed can qualify for: Flex Down (90-95% financing and Flex 100 (95-100% financing)
For more useful information, please visit www.cmhc.ca
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