Residential Guidelines
Qualified Applicants
- GDS to 32%
- TDS to 40%
- Minimum 5% downpayment (100% financing also available!)
- Proof of downpayment required 30 days prior to closing (if over $20,000 -- 90 days prior)
- Rates 1/4% to 1 1/4% below bank rates
- Commitments valid for up to 180 days
- Approvals within 24 hours
- Single family homes, townhouses, condominiums
Insurance Premiums for Qualified Borrowers -- Hi-Ratio Mortgages:
| Down Payment |
Loan To Value Ratio |
Insurance Premium |
| 5% - 9.9% |
90.1% - 95% |
2.75% |
| 10% - 14.9% |
85.1% - 90% |
2.00% |
| 15% - 19.9% |
80.% - 85% |
1.75% |
| 20% - 24.9% |
75.1% - 80% |
1.00% |
| 25% or more |
75% or less |
Special Circumstances Only |
Call for details!
Non-Qualified Applicants
- Relaxed credit checks
- Recently employed (less than 2 years)
- New immigrants
- Discharged bankrupts
- Self-Employed
- Inability to substantiate income declared
- GDS / TDS in excess of above ratios
- Equity financing
- Purchases -- up to 100% of Appraised Value
- Refinances -- up to 100% of Appraised Value
2nd Mortgages
- Purchases -- to 100% of Value
- Refinances -- to100% of Value
- Equity Take Outs -- to 100% of Value
- Rental Properties -- to 85% of Value
Cottages
If you have a question about specific mortgage requirements, contact us at 905.815.8400 |
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