Closed in 2022 · Published October 19, 2026
- Residential
- Alternative
- Purchase
- Self-employed
- Stated-income
- Relocation
- Value
- $610,000
- Mortgage
- about $490,000
- Loan-to-value
- 80% of the value
- Income used
- the corporation's last 90 days, annualized to about $170,000, less 10% for expenses: about $150,000
- Rate in 2022
- 5.84%, five-year adjustable, 30-year amortization
The Situation
A married couple planning a move from Calgary were buying a two-bedroom, two-bathroom condo to live in, in the Whalley area of Surrey, valued at $610,000.
The Challenge
Both had worked full time for their own engineering corporation since March 2010, and they were keeping their Calgary home as a rental. Their income was the corporation's last 90 days, annualized to about $170,000 and reduced by 10% for expenses to about $150,000. The personal tax returns showed under $30,000, against the about $150,000 the program accepted.
The Solution
In 2022 we placed about $490,000 with an alternative lender's stated-income program, 80% of the value, at 5.84% on a five-year adjustable term, qualified at 7.84%, with a 30-year amortization. An alternative lender was the fit because the couple qualified on stated income, the business's recent earnings, rather than on declared income; scores of 885 and 786 carried ratios of about 32% and 33%.
The Outcome
The couple put 20% down, about $120,000, from savings and an equity take-out arranged with the same lender at the same time.