| Typical Minimum Credit Scores |
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- 1-4 units: 600 for 80% LTV & traditional downpayment
- 1-4 units: 580+ for 90% LTV (uninsured/higher rates)
- 5+ units: 600+ for 85% LTV (+ max 5% borrowed D/P)
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1-4 Unit Doc Requirements (Salaried borrowers) |
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- 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
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| 1-4 Unit Doc Requirements (Self-employed borrowers) |
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- 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
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| 1-4 Unit Doc Requirements (When in a company name) |
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- 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
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| 5+ Unit Doc Requirements |
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| Contact information for you solicitor is also required in each case. |
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