The Bank of Montreal has launched a new product it says will allow self-employed and commission-based income customers to purchase a home based primarily on the strength of their personal credit rating rather than the strength of their business financial statements.

The bank said in a release its BMO Self-Employed Homeowner Mortgage is available in both a high-ratio mortgage and in a conventional mortgage form.

“This new homeowner mortgage makes the process of applying for and receiving home financing much easier for self-employed and commissioned based individuals,” said Kathleen O’Neill, executive vice president, business banking at BMO. “It requires less paperwork and, in many cases, a lower down payment than home business operators and commission income reliant customers have traditionally been asked for.”

The bank said it is also offering a number of rewards and discounts aimed at customers who operate their own businesses.