Some lenders try to get away from ‘grow-op’ properties. Some lenders will consider lending on such property providing the property is strong and has been fully remedied. In addition to the district or city re-issuing an occupancy permit, the credit union requires an inspection report prepared by Pacific Environmental confirming that the house is fit for human habitation prior to approval. Details about costs associated with obtaining the report can be found here.

Do you have a Citi bank mortgage up for renewal? Contact us and let us help.
With the financial crisis in the States, Citi Financial has officially pulled out from subprime lending and cut their broker channel last year 2008 November.

If you currently have a Citi Financial mortgage up for renewal, even it is at high ratio 90% – 100% LTV. We will be able to help you out.  *The alternative product has been discontinued effective July 30th 2009*

Contact us at cchien@mortgagegrp.com
Free consultation p. 604-603-6189, ask for Christine Chien.

New Update: 100% available, rate ranges between 9.0% – 12%, first mortgage only.

As long as the applicant has credit score of 640 or higher, with minimum 3 tradelines and 1 with 36 months history, he/she can qualify for the 100% financing or 100% refiannce if he/she can debt service.

For thie program, because the lender self-insures, it does not involve CMHC or Genworth (as the 100% financing was halted 2008 October).   A fee of 4% is applied on all applications with this lender.  No area restriction.

There are numerous alternative lenders. If you are turned down by a bank, chances are there are alternative lenders for you. Keep in mind, the interest rate sometimes will be slightly higher. but it also helps you purchase the house you want now.

Here are a few scenarios and the alternatives matching products:

1. Low credit score

Banks usually become hesitant if your credit is lower than 620 or 600. They will likely ask you to pay a bigger down payment, or simply turn you down. The alternative way is to contact your mortgage specialist for special programs only available through broker channel.

The solution is to borrow for short-term (6 months to 2 year max). Meanwhile, seek help to repair your credit score (see our section for credit score). Consult with your mortgage professional for further advice, or contact us anytime for specific questions and strategies.

2. No income proof

No income scenario may apply to both self-employed or for salaried individuals. The idea is to get around the income proof requirement required by the banks. The solution we recommend is to apply for equity lending. There are only a few lenders out there that do equity lending. Your credit score play a critical role on how much you can borrow. Equity lending does provide good rates, usually at prime rate, and sometimes even matches what bank offers. Note this though, equity lending is not available for purchase/refinance on apartments and condos.

3. Self-Employed with Gifted Down Payments

If you are self-employed and you are unable to proof that the down payment is from your own source (or not able to proof 90 days in your bank account), chances are you will be turned down, especially if you are borrowing at high ratio. The solution to you is to go for an alternative programs offered by either GE, Cove, or Excaliper. These lenders are only available through broker channel so let us know if this situation applies to you.

There are numerous alternative lenders. If you are turned down by a bank, chances are there are alternative lenders for you. Keep in mind, the interest rate sometimes will be slightly higher. but it also helps you purchase the house you want now.

Here are a few scenarios and the alternatives matching products:

1. Low credit score

Banks usually become hesitant if your credit is lower than 620 or 600. They will likely ask you to pay a bigger down payment, or simply turn you down. The alternative way is to contact your mortgage specialist for special programs only available through broker channel.

The solution is to borrow for short-term (6 months to 2 year max). Meanwhile, seek help to repair your credit score (see our section for credit score). Consult with your mortgage professional for further advice, or contact us anytime for specific questions and strategies.

2. No income proof

No income scenario may apply to both self-employed or for salaried individuals. The idea is to get around the income proof requirement required by the banks. The solution we recommend is to apply for equity lending. There are only a few lenders out there that do equity lending. Your credit score play a critical role on how much you can borrow. Equity lending does provide good rates, usually at prime rate, and sometimes even matches what bank offers. Note this though, equity lending is not available for purchase/refinance on apartments and condos.

3. Self-Employed with Gifted Down Payments

If you are self-employed and you are unable to proof that the down payment is from your own source (or not able to proof 90 days in your bank account), chances are you will be turned down, especially if you are borrowing at high ratio. The solution to you is to go for an alternative programs offered by either GE, Cove, or Excaliper. These lenders are only available through broker channel so let us know if this situation applies to you.