For commissioned sales people, the general criteria that must be satisfied include:
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A commissioned sales applicant is defined as someone who derives 100% of their income from a commissioned source. |
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The lender is responsible for ensuring that the borrower is a commissioned sales applicant as defined above, with a minimum of two years tenure. |
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Commissioned sale applicants who are paid a salary plus commission are NOT eligible. |
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Lender is required to capture the borrower's "Stated" income and submit to Genworth as part of the application. |
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The "stated" income should be reasonable based on the type and size of the business. |
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Reasonableness of the income is a critical factor in the approval of the loan. |
For more information, look at Genworth and CMHC's guidelines. |
