PRODUCT DESCRIPTION - The most common mortgage we do is for first-time Homebuyers. Buy a home for as little as 5% down payment and make home ownership possible for both true first-time homebuyers as well repeat seasoned buyers.
IDEAL CLIENT - For those buyers who simply have the minimum down payment saved which is 5%.
MAXIMUM LOAN-TO-VALUE - The maximum Loan-to-Value for this product is 95% on a purchase.
DOWN PAYMENT SOURCES - The down payment can come from own resources, gifted down payment, and from borrowed funds. The down payment needs to be confirmed in your bank account.
SPECIAL CRITERIA - A minimum credit score of 600 is required for the main applicant, and must have a decent credit re-payment history. You can buy a home pretty much anywhere in Canada with few exceptions on location and property style.
INCOME DOCUMENTS REQUIRED
If Salaried Employee:
If Hourly Employee:
View the Document Checklist for mortgage purchases.