Recently Funded•Hamilton
Hamilton Purchase Approved with 100% Foreign Income and Dubai Sale Proceeds Down Payment
Hamilton clients were purchasing their primary residence in Canada. The husband worked as a commercial pilot for a major international airline and lived in Dubai, while the wife lived in Canada and was not working. The two major underwriting issues were that 100% of the income was foreign income and 100% of the down payment was coming from the sale of a property in Dubai. The clients wanted 80% LTV. Most A lenders were only comfortable up to approximately 65% LTV for this type of file. We approached almost every A lender in the broker network to request an exception for 80% LTV. The next practical option was a B lender. The B lender considered the foreign income through the husband’s job letter, pay stubs, and three months of bank statements showing salary deposits. For down payment, we submitted the Dubai sale deed, copy of bank draft, and bank statement showing deposit of the sale proceeds.
- Solution
- B-lender purchase mortgage
- Purpose
- Purchase mortgage using foreign income and Dubai property sale proceeds
Hamilton Ontariopurchase mortgageB-lender approval
Read the case study →Recently Funded•Mississauga
Mississauga Private Mortgage for Foreign Self-Employed Income and Business Investment
A client in Mississauga owned a business in Nigeria and wanted to access approximately $400,000 of home equity to invest back into that business. The file was difficult because the income was foreign self-employed income. Conventional lenders may be more comfortable with foreign salaried income where employment can be verified, but foreign self-employed income is much harder to use. The file also had a use-of-funds challenge because the mortgage proceeds were intended to leave Canada. The property had a very low loan-to-value, so we arranged a private mortgage supported by the collateral strength.
- Solution
- Private mortgage
- Purpose
- Equity take-out for foreign business investment
Mississauga Ontarioforeign self-employed incomeNigeria business
Read the case study →Recently Funded•Windsor
Windsor First-Time Buyer Approved with U.S. Income Despite Exchange-Rate Volatility
A first-time home buyer in Windsor was a Canadian citizen and resident but worked as an architect in Detroit, earning U.S. employment income. HopeWell identified an A-side lender that could consider U.S. income for an uninsured mortgage. At pre-qualification, the client’s income converted into Canadian dollars was sufficient. However, by the time of closing, exchange-rate movement changed the lender’s CAD-equivalent income calculation and the debt-service ratios moved outside the expected range. HopeWell worked with the lender’s BDM, and the lender agreed to proceed if the client could show approximately $18,000 in liquid assets. The client’s father gifted the funds, HopeWell documented the gift letter and bank statements, and the file closed on time.
- Solution
- Uninsured A-lender mortgage
- Purpose
- First-time home purchase
Windsor Ontariofirst-time home buyerUS income
Read the case study →Recently Funded•Whitby
Whitby Rush Builder Purchase Closed with Private Mortgage for UAE Expat Borrower
Whitby clients were buying a builder property and approached us barely four days before closing after spending too much time with other brokers and banks. They needed 80% LTV. The borrower was a Canadian citizen working as an expat in the UAE and had strong, verifiable foreign income. However, the Canadian credit profile was weak because of limited Canadian credit history and a few collections. Most A lenders declined because of credit, while B lenders were not comfortable doing 80% LTV given the location, foreign-income structure, and credit concerns. We arranged a rush private mortgage strictly as a one-year bridge and advised the clients to pay off the collections. The plan is to revisit refinance after the credit profile improves and the file becomes better positioned for institutional lending.
- Solution
- Private mortgage
- Purpose
- Urgent builder purchase closing with one-year private mortgage bridge
Whitby Ontariobuilder purchaserush closing
Read the case study →Recently Funded•Pickering
Pickering Single Mother Qualified for Debt Consolidation Refinance Using Two Jobs, Bonuses, Commissions, Child Tax Benefits and Child Support
A single mother in Pickering wanted to consolidate debt through a full refinance. She worked two full-time jobs and also received bonuses and commissions. We used the average of her two-year T4 income where supported by lender policy. She also received child tax benefits and child support. Child support received can be used as income when properly documented and accepted by the lender; child support paid by a borrower is usually added to liabilities. In this case, because she was receiving support, it strengthened the income side of the file. When all eligible income sources were added together, the income was enough to qualify her for a full refinance.
- Solution
- Full mortgage refinance
- Purpose
- Full refinance for debt consolidation using complete income analysis
Pickering Ontariosingle motherdebt consolidation
Read the case study →Recently Funded•Markham
Markham Self-Employed Radio Host Approved Despite Rental Portfolio Deficits
A self-employed radio host in Markham wanted to purchase a home for his son, who was in school and had no income. The borrower earned most of his income from advertisers on his radio show. He also already owned his own primary residence and approximately four rental properties. The file became difficult because every lender calculates rental income differently. Some lenders apply a simple rental offset, while others use rental worksheets that factor in gross rent, mortgage payments, property tax, insurance, vacancy, and other expenses. In this case, only one rental property showed a surplus after expenses; the rest showed deficits. Since the rental properties had mortgage balances over one million dollars each, the qualifying ratios were very high. We found a lender whose rental worksheet produced the lowest workable deficit and got the file approved.
- Solution
- Purchase mortgage with rental-income worksheet analysis
- Purpose
- Purchase of home for son
Markham Ontarioself-employed radio hostadvertiser income
Read the case study →Recently Funded•Kitchener
Kitchener First-Time Buyer Approved with Gifted Down Payment from Grandmother in India
A young single first-time home buyer in Kitchener was working in IT and had an otherwise strong file. The only major issue was the down payment. All of it was being gifted by his grandmother, who lived in India. Many lenders accept gifted down payments from close blood relatives, but they still require documentation and often want the gifted money to be in a Canadian bank account for 90 days. The client’s closing was only about one and a half months away, so that timing did not work. We approached a lender whose policy required the gifted down payment to be in a Canadian account for only 30 days, and the mortgage was approved.
- Solution
- A-lender purchase mortgage
- Purpose
- First-time home purchase
Kitchener Ontariofirst-time home buyeryoung single applicant
Read the case study →Recently Funded•Brantford
Brantford New-to-Canada Insured Purchase with Complex Down Payment Tracing
A new-to-Canada couple was buying their first home in Canada in Brantford. The wife was salaried and had one job. The husband had two jobs: one full-time and one part-time. For the part-time job, we used the average of the previous year’s T4 income and current year-to-date income. The file was insured with 10% down. The bigger challenge was down payment verification. Their down payment was scattered across more than 10 accounts, with hundreds of internal transfers between their own accounts. When we collected three months of bank statements, the package ran into hundreds of pages. We prepared a clear executive summary for the underwriter and mapped every internal transfer between the clients’ own accounts.
- Solution
- Insured A-lender purchase mortgage
- Purpose
- Insured first-home purchase with 10% down and complex source-of-funds documentation
Brantford Ontarionew to Canadafirst home purchase
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