Traditional Financing

This type of mortgage is made for individuals with at least 20% downpayment

Up to 80% financing for a home for yourself. You need OK credit, a score of 580 or better.

Up to 80% financing on rental properties. You need OK credit, a score of 600 or better.

• You need to have enough money for the deposit to remove subjects - can be gifted
• Typically the Lender wants you to have 1.5% of the purchase price in cash for closing, cannot be borrowed or gifted
• For rental property up to 100% of the rental income can be used as additional income toward the mortgage debt ratios
• Rentals can be registered under a company name with personal guarantee
• No limit on the number properties in your rental portfolio
• Can be used for 1 - 4 home, duplex, townhouse or condo

You need to have closing costs which are:

• Legal Fees - Approximately $1000.00
• Adjustments for taxes, strata fees, utilities and such - usually a few hundred dollars

You should contact a mortgage broker that will explain all the options available to you.