The Gateway Alternative Income Mortgage™
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A mortgage program for self-employed clients with non-traditional income sources.
The Gateway Alt Income Mortgage is a mortgage program designed for self-employed clients who aren’t able to prove their income in a traditional way.
Available in all lending locations for clients with a beacon of 580 or higher, using a unique income approach reviewing add-backs and gross-ups to increase income for debt servicing.
CREDIT
- 580+ beacon for primary borrower
- 550+ for co-borrowers
- Discharged from bankruptcy for minimum 12 months with re-established credit
- Consumer proposals considered (must be discharged or paid out from proceeds)
GDS/TDS
- Maximum of 45% GDS / 50% TDS
LTV
- Up to 80% (maximum for primary financing or primary plus secondary financing)
AMORTIZATION
- Up to 30 years
DOWN PAYMENT
- 10% must be from own resources; 20% minimum
- See BwBbrokerinfo.ca/down-payment for a list of approved down payment sources
PROPERTY TYPE
- Marketable, owner-occupied properties
- Second and vacation properties
DOCUMENTS
- Visit BwBbrokerinfo.ca/income for a list of accepted income docs
- Acceptable add-backs to consider