Bad Credit, Bankruptcy, and Credit Proposal
Purpose: Did you know there are certain lenders that will offer you a mortgage even when you may have a low credit score, bankruptcy, or consumer proposal? It may take years to resolve this issue, and many of the big banks will often reject your request for a mortgage. However, there are many lenders that have flexible programs that will accommodate past credit mishaps. I work with these lenders to help package, and get you the best rate from all the lenders. Take a look at the flexible guidelines and let me help you get on track with your home buying needs.
What will they overlook?
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No minimum credit score. Major banks will only accept clients with a minimum beacon score of about 620, while I work with lenders that are more flexible and take into account job security and assets instead.
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Bankruptcy
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Consumer Proposals
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Credit Counselling
What kind of properties will certain lenders look at?
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Owner Occupied
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Rental Units (Maximum 4 properties)
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Properties within, or near the greater Vancouver area
Borrowing Guidelines
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Max LTV of 65%
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Amortization between 10 - 30 years
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Loan amount between $250,000 - $1,500,000
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Rental offset of 95%
Who’s this program good for?
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History of bad credit
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Someone recently discharged from a bankruptcy or consumer proposal
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Home owner looking to purchase a rental property but does not fit normal income banking guidelines
Worried if a lender will accept your request for a mortgage? Please feel free to message me anytime for a free, no obligation consultation. We will package your request together, go through all your available options, and get you the lowest rate that a lender can offer.
