Having credit problems?

HAVE YOU GONE BANKRUPT?

Here are the criteria of admissibility for obtaining a mortgage loan after a bankruptcy:

1) After your bankruptcy release, you must wait at least 2 years before contracting a mortgage.

2) To rebuild your credit with the assistance of a credit card from a recognized credit card company (Visa, Master Card) for at least 2 years.

OR

To have secured a personal loan from a banking institution for 2 years.

3) To  have accumulated, during this 2 year period, your down payment from personal resources.

While following this procedure, your chances to secure a loan are very good. However, the cases are studied individually and the criteria can vary according to the nature of each file.

The SCHL can require a more significant down payment in addition to a guarantee.
It is now possible, even after one day of bankruptcy release to become an owner of a home.On the other hand you may be asked to pay higher interest rates.

FIRST-TIME HOME BUYER?

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