Getting A Mortgage With Bad Credit


Ex-bankrupt with 580 beacon qualifies for one year mortgage with 80% LTV at 4.79%
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

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 mortgage allows client to pay off first and second mortgages, consolidate debts, and puts him in a better financial position for a fresh start in his new relationship


bad credit mortgage broker

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