Summary: Did you know if you are new to Canada (have been in Canada for less than 5 years) you can buy a property and get a mortgage with no credit history or income? There are currently 2 programs that exists: This is an equity program that requires the client to have 35% down-payment. In this … Read more…
Scenario: Purchasing a townhome with 5% down-payment Mortgage Required: $500,000 1st Mortgage Obstacles: The borrower has been self-employed for 4 years and incorporated 2 years ago. Client is paying himself dividends from his company. What we did: Approved the client based on dividend income declared on his NOAs With verified income we were … Read more…
Scenario: A purchase of a Single Family Dwelling in Richmond, BC to be the new principal residence. The existing residence located in Surrey is still listed for sale. The borrowers require bridge funds for a short period of time to close on the purchase. Once their existing home sells, they will pay out the 2nd … Read more…
Scenario: Client was a first time home buyer with AAA credit and 5% down-payment, but couldn’t qualify for the purchase price based on single income. Mortgage Required: $300,000 Obstacles: Client does not have enough income to qualify for the mortgage on the property they want to buy. What we accomplished: – Thinking outside the box, … Read more…
Scenario: Clients were purchasing a primary residence with one applicant being newly self-employed (only 1 year of financials available). Mortgage Required: $600,000 Obstacles: Husband is newly self-employed with 1 year of tax returns to confirm income (Banks require minimum 2 years for qualification) and we needed his income to qualify the deal. What we accomplished: … Read more…
Scenario: Client was in foreclosure and needed extra money to pay-off debt. Mortgage Required: $290,000 Obstacles: Client was already behind on payments for his second mortgage and the lender has started foreclosure proceedings. Client also had no income verification as he just started a new business. What we accomplished: – Found a lender that was … Read more…