As a commissioned salesperson, you may not enjoy the stability of income as a regular salaried employee would. You might also have expenses and tax write-offs similiar to those who are self employed. Despite this, commissioned salespeople remain in a category, separate from self employed people, in which getting a mortgage to buy a home can be very challenging.
Conventional institutions, such as banks, have to adhere to certain rules and also CMHC requirements. Unlike self employed people, commissioned salespeople are not allowed to take part in self employed or stated income programs. Often the only option available is to provide 35% or more in down payment. If you receive 50% – 100% of your income from commissions, our lenders have a special program for you.
Required documentation:
- Letter of employment
- T4 or T1 General
- 2 years of Notice of Assessments
