mortgage for self employed?

[sunshine]

Can you get approved for mortgage if you are self employed and you have 20% down? Do you think self employment will be a problem?

[trent]

It might be in a near future. Actually getting any mortgage with less than 25-30% down payment might not be possible. I wonder who can afford to buy a $500K house (for this price you can't get a semi in a nice Toronto neighborhood) if the banks require 30% down? How many people have $150K laying around for downpayment?

[Canadian]

Yes, prudent lending will finish off the Canadian real estate bubble.

[bullish]

Yes, prudent lending will finish off the Canadian real estate bubble.

There is no real estate bubble in Canada. The US had one (mostly deflated now), but we never had their reckless financing and our housing prices are fair.