Residential Mortgages

QUALIFICATION / CREDIT ISSUES

Just because you were refused for mortgage financing at your bank does not mean that you cannot get financing. VKMS has access to Lenders who specialize in financing people with less than perfect credit.

The bottom line is that we will look at your whole situation and place your deal with an appropriate lender and get you that financing that your bank wouldn't normally approve.

If, after assessing your situation, we still cannot find a lender who will approve you for a mortgage, there are definitely ways to improve your credit so that you will be closer to buying a home.

Credit Issue Mortgage Program

This is an option for borrowers who have problems getting approved for standard lending institutions. These sub-prime lenders accept borrowers with less than satisfactory credit histories and overlook things like low credit scores, past bankruptcy, etc. To compensate for the higher risk, however, the rate of interest would be above normal conventional or high ratio mortgages.

To qualify under CMHC/GE Capital, credit must be re-established for a minimum of 1 year and in the case of bankruptcy, the discharge must be 2 years past.

Should the applicant not qualify with a sub prime institution, private funding would be an option. Private lenders are generally more concerned with the equity in the property, rather than the credit or income confirmation.

Usually after 12 months of uninterrupted repayment on a private mortgage, there is a very good possibility of qualifying with an institutional lender at a better interest rate.