Sometimes things happen in our lives that affect us financially, and the result can be an inability to keep up with payments and expenses. As such, credit scores are affected negatively and sometimes severely. If this has happened to you, there is still a good possibility of attaining a mortgage from an alternative or non conforming lender. Specifically, non conforming lenders address the following situations:
- Poor credit
- No established credit
- Previous bankruptcy
- In consumer proposal
- In credit counselling
- Recently self employed and can't verify their income
- Foreigners investing in Canadian real estate
Mortgages can be provided to individuals in these situations but usually carry certain guidelines:
For example, in most cases 15% must be placed down on the property, although in some cases it can be as little as 10%. In tough credit situations, the down payment is the most important aspect of the mortgage. In line with this, the mortgage lender will likely require a more thorough property inspection to ensure that the asset will hold (or increase) its value. Also, the larger the down payment, the more flexible lenders become regarding the income source and rate.
Contact me for a discussion on how I can best serve you. No matter what your financial situation, your satisfaction is my promise.
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