Yes, you can use a tax return instead of a W-2, and for many borrowers, this is the standard approach. If you are self-employed, a freelancer, or earn through 1099 income, lenders rely on your tax returns, usually IRS Form 1040, as the primary proof of income. These documents are accepted across FHA, VA, conventional, and non-QM loans in the U.S., and similar rules apply in Canada.

Yes, you can get a mortgage with an IVA. The same applies if you have been through Chapter 7 or Chapter 13 bankruptcy in the US, or a consumer proposal in Canada. These are different systems, but they serve the same purpose, structured debt resolution.

What is an AIP, and can you still be declined after it? An Agreement in Principle (AIP), also known as a Decision in Principle, is an early indication from a lender that you may be eligible to borrow a certain amount based on initial checks. It helps you understand your budget and shows sellers you’re

Late payments on your credit report can feel like a major obstacle to buying a home. Many borrowers assume that one or two missed payments will automatically disqualify them from getting approved. The reality is more nuanced. While late payments do make the process harder, they don’t completely shut the door on homeownership. Certain loan

If you haven’t filed your taxes, applying for a mortgage becomes a lot more complicated. For most lenders, especially traditional banks and credit unions, recent tax returns are a non-negotiable requirement. They’re used to verify income, check financial consistency, and evaluate risk. Without them, the assumption is often that the borrower’s finances are unstable or

you can’t use a residential mortgage to buy a fully commercial property. These loans are meant for homes, not offices, shops, or warehouses. However, there are exceptions

Yes, you can get a mortgage on a fixed-term contract, although it often involves more complexity than applying with permanent employment. The main challenge lies in how lenders perceive income stability. Fixed-term contracts typically last six to twelve months. It is commonly found in fields like education, healthcare, and information technology, which are often viewed

Many homeowners wonder if they can rent out their house while still paying a mortgage. Most mortgage contracts limit your ability to rent out the home without approval. Lenders typically expect borrowers to reside in the property and include clauses to enforce this requirement. Local housing laws also apply, no matter what your mortgage says.