Mortgage Helpers
Mortgage Helpers Can Help you Buy More
For purchasers who have 15- 20% down payment, but are limited to the mortgage amount that they qualify for because of their income, we may have a solution for you so that you can buy your "dream home". By purchasing a property with a basement suite you may be able to qualify for a higher mortgage, and therefore you may be able to purchase that property that is outside your current "mortgage budget".
If you have a 15-20% down payment we can take 100% of the rental income into account to determine your mortgage qualification. The amount of the rental income will determine your additional purchasing power.
Rental income Additional purchasing power
- $800/ month = $ 152,000 additional mortgage qualification
- $900/ month = $ 170,000 additional mortgage qualification
- $1000/ month = $ 190,000 additional mortgage qualification
- $1100/ month = $ 208,000 additional mortgage qualification
- $1200/ month = $ 227,000 additional mortgage qualification
*based on a 5.4% interest rate and a 35 yr amortization
The lender may require a minimum beacon score and at 85% financing the loan may comprise of a 1st and 2nd mortgage.