New qualifying rules for Canadian Mortgages effective Jan 1st 2018
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Getting A Mortgage With Bad Credit
Ex-bankrupt with 580 beacon qualifies for one year mortgage with 80% LTV at 4.79% bad credit mortgage canada Clients Couple trying to start fresh after the husband's past marital breakdown Property Detached house with finished basement Well maintained and located in desirable suburban area Comparable homes in the neighbourhood average 60-90 days on market Purpose Refinance of home appraised at $400,000 Equity take-out to pay off first and second mortgages, consolidate debts on the credit bureau Income Combined household income of $180,000 with husband in tenured position Income verified by employment letter, verbal confirmation by employers, and pay stub getting a mortgage with bad credit Beacon of 580 due to husband's past bankruptcy Husband has since been discharged and is working towards rebuilding his credit Their GDS/TDS is 13/28% and their stressed TDS was 32% using the mortgage rate plus 200 bps Deal Rationale: One year mor...
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