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Get Approved for More Money By Having a Suite

If you are buying a house with a suite you can get approval from your bank for more money:
CMHC will only allow legal suites but Genworth will allow non-conforming suites.  If it is High Ratio financing you can only use 50% of the income with either insurers.  If you have 20% for a down payment some lenders will allow you to use 80% of the income towards the debt servicing.  So it does make a difference.  
Let me know if you need anymore information on this. You typically save money by spending more and buying house with a suite. Stand back and look at the big picture before you make a decision. 
If you are buying a house with a suite you can get approval from your bank for more money:CMHC will only allow legal suites but Genworth will allow non-conforming suites.  If it is High Ratio financing you can only use 50% of the income with either insurers.  If you have 20% for a down payment some lenders will allow you to use 80% of the income towards the debt servicing.  So it does make a difference.  Let me know if you need anymore information on this. You typically save money by spending more and buying house with a suite. Stand back and look at the big picture before you make a decision. 

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Alexandra Axsen
Owner/Managing Broker
Lake Okanagan Realty
Tel: 250.870.2792
Alex@LakeOkanaganRealty.com 

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