Our Blog

Financing for Canadians is back !!!

February 20th, 2010 8:44 AM by Cat Moe

We have our Canadian Financing Back!!!

LOAN CRITERIA

 

  • 30% down 2nd home only
  • 6 month prepayment penalty
  • 6 months of payments on deposit with the bank
  • 6.50% fixed 25 year amortization/5 year balloon
  • Loan Amounts $150M-$800M
  • Close Canadian Loans in 45 days

FEES

  • 1.50% Loan Fee
  • Ask about additional standard fees

UNDERWRITING CRITERIA

  • DTI limits-45% based on net income-exceptions to 50% with compensating factors.
  • Appraisals cost ranges from $500.00-$1,000.00
  • US Credit Reports ordered at no cost to borrower

Canadian Credit Reports ordered No FICO requirement-our underwriting guidelines for credit experience are as follows:

  • No record of Bankruptcy;
  • Tax Liens,
  • Collections;
  • Foreclosures;
  • Garnishments, Attachments;
  • Repossessions; or Judgments unless proven incorrect
  • Only minor delinquencies in the past 36 months (generally not more than three 30-day past due) unless proven incorrect. Derogatory payment histories reported over three years ago may be evaluated at the account officer’s discretion.
  • Suggestions for compensating factors to allow the 50% DTI would be having 12 months payments on deposit rather than 6, or substantial verified liquidity (say 3-4 times the annual debt service requirement), or substantial net margin (for instance DTI is 49% but net margin after all current and proposed debt service for a family of four is $70,000 from verified recurring sources) or a combination of these. There may be other factors that we can define, the point is that we need to be able to independently verify and document our file with the mitigates we are using.

We have our Canadian Financing Back

Posted in:General
Posted by Cat Moe on February 20th, 2010 8:44 AM

Archives:

My Favorite Blogs:

Sites That Link to This Blog: