Great News!
Bill C-37, the new Canadian legislation that will replace aspects of the current Bank Act (which expires on April 24th, 2007), went into effect April 20, 2007.
Effective April 24,2007
LTV Increase for Conventional Loans Mortgages from 75% LTV to 80% LTV
20% Down Payment = No Insurance Premium
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Some Great and Innovative Financing Options!
Under new Genworth guidelines someone who makes
$35,000/ year (min Beacon 680) can easily qualify for a $175,000 mortgage
$50,000 income = $250,000 mortgage!
Zero Down Payment
If you have good credit, and are on a salary, No down payment is needed for Best Rate! Only 1.5% of the purchase price has to be from own savings for closing cost (i.e. deposit on purchase can be used). Condo’s are allowed ! Amortization up to 40 years.
Welcome to Canada Program
Are you or your family members NEW to Canada, are employed for a minimum of 3 months? No credit history, 5% down-payment is all that is needed to get you into your first home ! (With international credit report, 10% down - no credit required) Are you or your family members NEW to CANADA, are NOT employed and have No credit? 35% down payment – no questions asked!
Mortgage for Self-Employed – 5 % down payment
Are you BFS (with business registration for a min of 2 years?) 5 % down payment - with no income qualification, fully discounted rates!
Equity Program
You are BFS or employed with good credit, but cannot provide income verification? It is OK! 25% down - No income verification – Best Rates!
Interest only Mortgage
Minimum 10% down payment, Prime Rate – 0.8 (5.2 % interest), Owner or Non-Owner occupied up to 4 units.
Stated Income
Client with good or less than perfect credit. No income verification (no business registration , no pay stubs ), 20% down payment – we can get it approved !
Rental Properties
100% financing on duplexes, triplexes and fourplexes on both owner-occupied and rental properties. Reasonable rates.
100 % Financing for Ex-Bankrupt Borrowers
Applicants must be discharged for a minimum of 2 years. Applicants must have a minimum of 12 months re-established credit with no derogatory credit after bankruptcy. (Minimum $1500 trade line)
Second Mortgages
Are you looking for a second mortgage? Up to 90% LTV and with rates that is hard to beat !!
Interest Only Rental Program
Program provides financing for customers with rental properties on an interest only repayment basis. Investors are able to maximize the cash flow and tax efficiency of their investment. Required Beacon Score: 640 Max Loan to Value: 75% - Seconds allowed behind up to 100% . Income: Self Declared – NO NOA’S!!
For a FREE, no obligation information contact Irina and get pre-qualified!
Direct 416-999-2649
Office 416-229-4454 ext.267
info@irinagrigorian.com
www.TorontoPropertyValue.com