A lending:
- CMHC, GENWOTH, AIG Insured
- Minimum Beacon Sore of 650 - 680
- 1 year job stability
- No derogatory creit information
- No appraisal
- Fees up to 2.75%/ higher on longer amortizations
- GDSR TDSR 32% - 42%
- Subject to Confirmation of various items
- Income, support, alimony
- Down payment - may be saved, borrowed or gifted depending on beacon
B Lending (alternative Financing) Sub Prime Market
- Rate is Beacon Sore Driven 600 - 8.25% 560 - 9.50% 4%fee
- TDSR as high as 50%
- Business for self up to 85% LTV Clients with 9 Sin#'s
- An appraisal must be ordered at all times
- appraisal must be reviewed/ approved by lender /results in delays requiring more time for financing condition
Information by Barbara Grumme