Brampton First-Time Buyers Approved with Insured Mortgage and Bullion Down Payment Source Tracing
A Brampton first-time home buyer couple was purchasing their primary residence with approximately 8% down payment, so the mortgage needed to be insured. The husband worked as a self-employed business consultant and operated as a sole proprietor because he had not incorporated yet. The wife worked for a mid-size company. For the husband, we used the average of his T1 Generals. For the wife, we used the average of her T4 income over two years. Both had excellent credit scores. The unique aspect was the down payment: the clients had invested their savings in physical bullion and sold it to fund the purchase. We collected bullion purchase invoices, sale invoices, wire-transfer proof from the buyer, and bank statements showing the deposit of sale proceeds to prove the down payment source.
- Solution
- A-lender insured purchase mortgage
- Purpose
- A-lender insured purchase approval using T1 income averaging, T4 income averaging and detailed bullion down payment source tracing