As of today, 2nd mortgage up to 95% LTV is available through selective lenders only as long as the first position lender is a CMHC approved lender. If you are planning to do some equity take out on your principle residence, this will work well. For a business for self (stated income), this program is also available up to 90% LTV through very selective lender. Line of credit available up to 70% LTV as 2nd mortgage.
A few restrictions:
1-3 fixed rate selection (95% LTV)
Owner occupied properties only (no exception)
First mortgage must be an approved CMHC lender
Maximum 75% LTV conventional; 95% LTV high ratio insured
Business for self Stated income (90% LTV) – 680> beacon score
Filed under: Private Lending, Self-Employed Mortgage (BFS)
