Post Bankruptcy/Consumer Proposal Mortgage

Life after bankruptcy can be incredibly challenging for potential homeowners. Even if you have endured bankruptcy status for the minimum amount of time in Canada, nine months, you will be starting off completely from scratch, if not a fair bit behind. We offer a product that can help you get back on your feet and stay there: Post Bankruptcy/Consumer Proposal Mortgage.

How Does It Work?

Potential homeowners who have gone through a bankruptcy or consumer proposal are eligible to apply for financing with as little as 10% down after the client has re-established credit for a minimum of two years on two sources of credit that have limits of at least $1500. These could be in the form of a credit card, loan, line of credit, or other sources.

How Does It Differ From A Regular Mortgage?

If you have gone through more than one bankruptcy or consumer proposal you will need to provide at least 35% down. First time bankruptcies often need only a 10% down payment. Because of this, it is important to maintain excellent credit from that point onwards. We want to help you make the best of your second chance. If you keep up these good habits for seven years after the consumer proposal or bankruptcy is discharged, it will “fall off” your credit and you can start over.

Can I Apply For a Mortgage On My Own Home?

If a house was ever part of the bankruptcy you will need to wait until the bankruptcy is off your credit, or lenders will require a 50% down payment. We will work closely with you to weigh your options and see if this is the best course of action for you. As a mortgage broker, we will be able to find the best rates in the industry for your unique situation.

Don’t let a bankruptcy or consumer proposal keep you down. Contact us today for a consultation, and let’s get you back on your feet and back into a home you can be proud of.

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Our Commitment To You

At Source Mortgage Centre, we pride ourselves in being all about our clients and achieving a new level of client experience. After all, we work for you — not the bank. Our services are completely free, and we are only paid if your mortgage funds and you are satisfied.

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