Mortgage Products for Everyone ...
Amrit can offer a variety of mortgage products to suit your specific needs:
Self Employed or Commission Income
Self-Employed borrowers and Commissioned Sales people that cannot provide traditional income verification can now qualify for a high ratio mortgage for purchase or refinance purposes.
Self employed borrowers:
2-years self-employed tenure is recommended, however will consider borrowers with less than 2-years BFS tenure depending on the length and type of previous employment.
Commissioned sales:
A commissioned sales applicant is defined as someone who derives 100% of their income from a commissioned source, regardless of whether they receive a T4.
RRSP Down Payment Mortgage Program
The Federal Government's First-Time Home Buyers' Plan (HBP) permits the use of RRSP funds for the purchase of a home by first-time buyers. (Refer to Revenue Canada document P150 (E) for further details concerning the program).
Withdrawal of RRSP Funds for down payment:
The current HBP permits the first-time home buyer to withdraw up to $25,000 from their RRSP to buy or build a home. The amount withdrawn is treated as a loan and must be repaid within a 15-year period, starting in the third year after the withdrawal. If the annual payment is not made it is treated as taxable income for that year.
Establishing an RRSP with borrowed funds and using the tax refund as the down payment:
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The HBP also permits establishing an RRSP with borrowed funds and using the tax refund as the down payment. In this case, the home buyer contributes to an RRSP with borrowed funds and after a 90-day period collapses the RRSP and repays the loan. The home buyer receives a tax refund that may be applied to the purchase of a home.
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We consider the refund an acceptable source of down payment provided that the tax refund is in the home buyer's possession at the time of closing. The lender must also verify that the home buyer has proven liquid assets equal to at least 5% of the purchase price.
New To Canada Mortgage Program
Now qualified homebuyers who have immigrated or relocated to Canada can qualify for Genworth default mortgage insurance with as little as a 3% down payment.
Borrower qualification:
- Must have immigrated or relocated to Canada within the last 36 months
- 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
- Must have a valid work permit or obtained landed immigrant status
- For LTV's 95% or greater, down payment must be from own resources. For LTV's less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy
- All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
Home Equity Line of Credit Mortgage
A Home Equity Line of Credit (HELOC) product allows homeowners to take advantage of paying interest only for the first 5 or 10 years and enjoy the benefits, convenience and flexibility a revolving line of credit has to offer. In addition to the interest only payment option, borrowers benefit from diversifying fixed and variable interest rates, gain easier access to home equity and have the ability to make lump-sum payments with no penalty. This product is available for both purchase (up to 95% LTV) and refinance (up to 90% LTV) applications with amortization periods up to
35 years.
