Bad Credit Mortgages, Are They Feasible
The Waiting Game
Mainstream lenders wonâ??t even consider you until youâ??ve been discharged from bankruptcy or a consumer proposal for at least two years. With that, youâ??ll need stable employment and fully provable income.
If you canâ??t wait those two years, your options shrink considerably but you can still get a mortgage - sometimes just days after discharge. Instead of putting down only 5 per cent with a â??primeâ?ť lender, however, youâ??ll need an uninsured lender like Equitable Trust or Home Trust, and maybe even a private lender. Most of them require ex-bankrupts to put down at least 25 per cent.
If youâ??re exceptionally anxious to buy and have a large down payment, some private lenders will even grant mortgage approvals without you being discharged, but youâ??ll pay a tidy sum.