Will we get denied by CMHC or GE because of my limited credit history or six months of work experience in Canada.?
I am a resident of Montreal, Canada recent immigrants 2008.Me May and my wife planned to buy a house here? as it was working since last one years as a physiotherapist and had a history credit, Canada.We eight years in a mortgage bank applied for pre-approval and got the approval of $ 266,000 as my wife was the first application and I am the second applicant, but in the pre-approval is mentioned that CMHC subject to approval and we are willing to pay 5% down payment. My question is: do we CMHC denied due to my limited credit history or six months of work experience in Canada. As my wife has a good credit history and work experience here our total annual income is $ 76,000.
I had the same problem when I moved back to Canada. I think if you are at least six months on the belt should be fine. Otherwise you will have to find a lender more creative and possibly pay higher interest, however, rates are low and is now a buyers market.
First time buyer mortgage requirements
Comments on this entry are closed.