The Gateway Alternative Income Mortgage™
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.
- 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)
- Maximum of 45% GDS / 50% TDS
- Up to 80% (maximum for primary financing or primary plus secondary financing)
- Up to 30 years
- 10% must be from own resources; 20% minimum
- See BwBbrokerinfo.ca/down-payment for a list of approved down payment sources
- Marketable, owner-occupied properties
- Second and vacation properties