" We offer solutions to Credit-Challenged individuals. "
Credit challenged individuals are those whose credit scores are 600 and below, have no credit history established, and/or have collection, bankruptcies or OPD (Orderly Payment of Debt) issues on their credit history. If this is your situation, check out our section on Build or Repair Your Credit.
Very few non-traditional or alternative lenders offer mortgage solutions for these types of situations and they usually aren't accessible to the general public except through the resources of mortgage brokers like Canada Mortgage Hub. Such lenders also provide solutions for individuals who lack income stability or downpayment.
Due to the additional level of expertise and time involved processing such applications, clients are usually required to pay an upfront fee for us to work on getting their mortgage approved and funded. However, clients who do use our services have definitely seen advantages especially with the alternative lenders we deal with. The following are just some of the flexible solutions they provide:
- Self-employed with Self-declared income
- Little documentation requirements such as no Notice of Assessment (NOAs) required
- No minimum beacon score
- No maximum Gross Debt Servicing (GDS)
- Low or zero downpayments
- Higher Maximum Total Debt Servicing (TDS)
- Former Bankruptcy - discharged
Rate and terms are determined based on risk factors, downpayment, credits score and other factors in your application. Often, borrowers are surprised to learn that there is actually a good mortgage solution despite the problems with their credit. Such solutions often times also involve terms that allow them to go back to getting a lower rate with a traditional lender once their situation and/or credit score improves.
For more information, contact us now at 1-888-853-8372 or send us email at contact@CanadaMortgageHub.com to discuss your situation.
