Alternative B Home Purchase Solution

First time buyer, or upgrading to a larger home?  Perhaps, you are down sizing? Regardless of your situation we help and guide you through the entire process.  From pre-approval and first consultation right to funding day we are available to you.

Our Alternative B Mortgages are ideal for owner occupied homes, rental properties, vacation homes and more.

If your credit is below that acceptable by mainstream lenders, or if your credit is excellent but you are self employed, do not pass the stress test, we can help you achieve your home ownership goal

How do Alternative mortgages work?

Basics of Alternative Mortgages

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20% Down payment
  • Credit score from 450
  • Flexible GDS /TDS
  • 1 to 3 year terms
  • 1 to 5 year terms
  • up to 30 years Amortization
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Often asked questions

These institutional lenders are regulated by government and may only lend up to a maximum of 80% of purchase price.

80% Loan to Value is the maximum for properties located in major cities ( GTA  with a population of 100,000 or more. Properties in smaller areas, rural or on and on well and septic will require larger down payment.  Condos will require larger down payment also.

You may use down payment from any of the following sources:

  1. Savings
  2. RRSP’s
  3. RHOSP’s
  4.  Gift from immediate family
  5. Borrowed

If you do not have the full 20% it may be possible to provide financing with a 1st and 2nd mortgage but the total of both cannot exceed 80% financing of purchase price.

Also you may qualify to borrow the required down.  In this situation your loan payment must be included in your debt service calculation.

If  you are a 1st time buyer and do not qualify for A side financing, you will need 20% down.  Alternative Mortgages cannot exceed 80% of purchase price.

If your credit is good however and qualify for A side financing, down payment can be as little as 5%. (OAC)

 

Credit must be excellent.

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