Currently in Canada you must be discharged from Bankruptcy or Consumer Proposal for 2 full years and have 1 year of clean re-established credit in the amount of approx $5000.00 (this can vary from lender to lender) to qualify for a mortgage with 5% down. Contact my office to get a discounted interest rate if you meet all the Lender and CMHC/GEnworth requirements.
There are also ways to obtain credit while still in Consumer Proposal or if you are one day discharged from Bankruptcy. Be advised the rates are substantially higher. However paying out and re-establishing credit after 1 year after entering a Consumer Proposal can make sense for some people.
It’s always wise to speak with one of the Licensed Mortgage Agents in our office to get clear information for your specific situation if you are in Consumer Proposal or just discharged from Bankruptcy.
Bad things happen to good people! We want to be the ones to make something good happen when you need a mortgage, to buy a home or refinance. “Your Durham Region Mortgage Doctor” will treat you with respect and guide you to an approval. Contact us!