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Want to put less than 20% down?

Guidelines for putting les than 20% down:

 

Fully Qualifying (not self employed):
-          Approx. 620 beacon score or higher
-          3 years job history with last year being full time. Purchaser can’t be on a “probation period”
-          Recent pay stub to prove income
-          Employment Letter
-          GDS (Gross Debt service) and TDS (Total debt Service) of approx. 40% and 30%
 
Self Employed:
-          Approx. 650 beacon score or higher for 10% down
-          Approx. 700 beacon score or higher for 5% down
-          2 years job history in the same industry
-          Proof of self-employment (GST # or articles of incorporation etc.)
-          NOA (Notice of Assessments) for 2007
-          GDS and TDS of 40% and 30%

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