BAD CREDIT HOME PURCHASE FINANCING
If you have less-than-perfect credit you can now qualify for a high ratio insured mortgage up to 95% of your purchase price.
Loan-to-value ratio limits
• Purchase, Purchase Plus Improvements: 95% LTV
Maximum Mortgage Amount
• Metro Toronto, Metro Calgary & Metro Vancouver: $700,000
• Rest of Canada: $600,000
Eligible properties
• Maximum two units, with at least one unit occupied as the principal residence
• New construction or existing properties
• Readily marketable residential dwellings up to two units, located in markets with demonstrated ongoing re-sale demand
• Older homes (pre 1950) must have been substantially modernized and the estimated remaining property (economic) life must equal or exceed the amortization chosen
Amortization options
• Up to 40 years
Mortgage Insurance Premium rates*
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LTV ratio
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Premium Rate
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Up to 65%
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1.90%
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65.01% - 75%
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2.10%
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75.01% - 80%
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2.50%
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80.01% - 85%
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3.50%
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85.01% - 90%
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4.75%
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90.01% - 95%
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6.50%
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* a .20% premium surcharge will be applied for every 5 years of amortization beyond the traditional 25 - year mortgage amortization period.
Borrower Qualification
• GDS / TDS Ratios: max. 35% / 42%
• Down payment : Minimum 5% must be from the borrower’s own resources. The remainder may be gifted from an immediate family member.
• No 3rd party or non-resident guarantors
• Minimum 3 years credit history with minimum 3 established trades
• Revolving/Installment Trades: All trades must be brought current prior to closing
• Previous bankruptcy: minimum 2 years discharged with 12 months satisfactory re-established credit
• Judgments/Collections:
o Max. 3 on record / max. $5,000 in total
o Must be brought current prior to closing
• Mortgage/Rent History:
o Currently up-to-date, no more than two 30-day late payments in the past calendar year
o Verified via letter from mortgage holder/landlord or 12 months bank statements confirming satisfactory repayment
Income Verification
• Salaried
o Full income & employment verification required
o Minimum 2-year employment history
o Written confirmation in the form of a job letter or NOA’s
o Employer must be validated via telephone
• Self-Employed
o Full income verification required. 2-year average income used to qualify
o 2 years self-employment history evidenced by 2 years financial statements
o Most recent NOA must verify no tax arrears
Credit Score Requirements
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LTV
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Score
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Up to 65%
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540
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65.01% - 75%
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540
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75.01% - 80%
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540
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80.01% - 85%
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540
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85.01% - 90%
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560
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90.01% - 95%
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575
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Lenders will average the scores pulled from both credit bureaus for each borrower, and the minimum score requirement will apply to all borrowers on the application
SELECT A PROFESSIONAL...
Get Approved Using My Proven Services...
... in Less Than a Day!
APPLY ONLINE IN LESS THAN 10 MINUTES
If you answered "YES" and you want to take advantage of my proven mortgage services -- HERE ARE THREE EASY WAYS FOR YOU TO GET STARTED:
- CLICK HERE TO APPLY ON-LINE ON MY SECURE SERVER
Remember... there are NO upfront costs and NO obligations. If you are not satisfied with my work then you can cancel at anytime!
- CLICK HERE TO PRINT & FAX APPLICATION
The online application is securer but if you prefer faxing it then print my 'printable' application form and fax it to me toll free to 1-888-416-4096
- MAIL YOUR APPLICATION
If you prefer using "SNAIL MAIL" then mail the 'printable' application to the following address: VERICO Mortgage Network London Inc. Attn: Joe Malek, AMP... 321 Springbank Drive, London, Ontario, N6J 1G6
For faster service please use online application. Your request will get a top priority and you could receive your approval in less than a day!
Sincerely,
Joe Malek, AMP
Your Mortgage Agent (Lic.# M08004649)
Accredited Mortgage Professional and Debt Consolidation Expert!
P.S. That's all it's to it... no running around... no time consuming appointments... no office visits... and the lowest rates around!
P.P.S. Don't forget to
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VERICO Network is the fastest growing mortgage organization in Canada. Since 2005 the network has grown to over 150 locations throughout Canada that employ over 1,000 agents who collectively originate in excess of $7 Billion in mortgage loan volume.
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