There are four policy categories in the Lender Spotlight Policies section regarding Business for Self (BFS). You can select one or more of these policy categories using the Policies multi-select menu. You can also use the other search filters to refine your search results, including a specific lender or lenders from the Lenders multi-select menu.
1. Income - BFS Enhanced
This includes all the lenders who do and do not participate in the CMHC BFS Enhanced Program. This is for those borrowers who have been BFS for less than 24 months or have been in the same line of work less than 24 months.
2. Income - BFS (Other BFS Programs, Bank Statement etc)
This category contains information for lenders with other BFS programs like Alternative Bank Statement Programs or Bank specific BFS programs. The lender programs mentioned here are not insured programs.
3. Income - BFS Confirmed
This area is for borrowers who can verify their income with the traditional documentation requirements and these guidelines include what the lender will require for mortgage qualification.
4. Income - BFS Stated (Sagen & CG Program)
This policy category displays lenders who are participating in the Sagen Program (Business for Self Alt A) or the Canada Guaranty Program (Low Doc Advantage). It describes what they require for mortgage qualification and any adjustments to the insurer program the lender is following.
Any questions, please reach out by clicking on the live chat button in the bottom right. Alternatively you can email us at: support@lenderspotlight.ca