| Typical Minimum Credit Scores |
| |
| |
- 1-2 units: 600 for 95% LTV & traditional downpayment
- 1-2 units: 650 for 95% LTV & borrowed downpayment
- 3-4 units: 600 for 90% LTV & traditional downpayment
- 3-4 units: 650 for 90% LTV & borrowed downpayment
- 5+ units: 600+ for 85% LTV (+ max 5% borrowed D/P)
|
|
| |
Documentation Requirements (Salaried borrowers) |
| |
| |
- Job letter (less than 30 days old)
- Pay stub (less than 30 days old)
- Void cheque
- Proof of down payment
- Leases (or market rent letter from an appraiser)
- Purchase & sale agreement
- MLS listing
- 2 years T4's (for bonus or commission income)
- Mortgage statements for any owned properties
|
|
|
| |
| Documentation Requirements (Self-employed borrowers) |
| |
| |
- 2 years T1 general tax returns
- 2 years CRA Notice of Assessments (NOAs)
- Void cheque
- Proof of down payment
- Leases (or market rent letter from an appraiser)
- Purchase & sale agreement
- MLS listing
- Mortgage statements for any owned properties
|
|
|
| |
| Documentation Requirements (When in a company name) |
| |
| |
- Certificate of incorporation (for corporations)
- Articles of incorporation
- Borrowing bylaws and directors list
- Photo identification of all shareholders
- Pre-printed void cheque in company name
|
|
|
| |
| Contact information for you solicitor is also required in each case. |
|
