Challenged credit
Please do not feel disappointed if your case has been turned down by a bank, because
you might still be able to obtain a mortgage. We have some special programs below to
help fixing your current situation in order to get a mortgage approval.

We also have alternative options for you if your situation is not listed as follow.


Credit problem
There are many reasons why some clients have credit problem. For example:

  • Losing the job
  • Business failure
  • Late payments
  • Over extended on credit cards
  • Tax liabilities
  • Divorce
  • Medical bills
  • No credit
  • Bankruptcy
  • Leaky condo

Getting a mortgage approval with no credit history or a bad credit history is not very
easy, because most of the lenders refuse to give a mortgage offer to clients due to the
risk. Therefore most of the borrowers will find difficulty on finding lenders for financing.
However, we may have some solutions to help you with your mortgage application.
Because some of the mortgage lenders have broken down the borrowing barriers for
people who has credit problem.


Self Employed Mortgage
Many lenders require those self employed clients to use their tax assessments to
qualify for a mortgage. But many self employed borrowers' net income is probably much
lower than their gross income, therefore it is difficult for them to get an approval on
mortgage application.

But now many lenders allow self employed borrowers who had at least three years
history in their business to borrow up to 85% of the appraised value of their home
without showing their financial statements or verification of income. However, you will
need to provide your last year tax assessment showing that your income tax has been
filed and no money owing to Revenue Canada.


New Immigrant mortgage
This is designed to help those new immigrants to get their mortgage in order to
purchase their first home in Canada. Most of the lenders' requirement for down
payment is 35% of the appraised value of your property. Therefore, our special
program that can help you if you have down payment less then 35%.


Non-resident mortgage
If you are a non resident of Canada and wish to immigrate; or just want to buy a
property in Canada but living outside of Canada, you will also be able to qualify for a
mortgage. The maximum Loan to Value Ratio is typically limited to 65%, but can go as
high as 75% in special cases.

To get a mortgage approval, you may need to provide us a credit report from the
country of your origin, proof of income, reference letter from your bank in country of
origin and verification of down payment.


Private Lenders
Private mortgage lender is always an alternative option for you, if you found that you
are difficult to find a traditional lenders that fit your needs. Because the private lenders
usually have their own appetite and lending comfort zone.  

If you found difficulty on your mortgage application, please feel free to
contact us and
let us discuss with your situation. We will help you to choose a best option which fits
your needs.
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