It has been our experience that many debtors already have tarnished credit ratings before considering their options and seeking assistance to deal with their financial situation or the debt levels are preventing them from qualifying for a mortgage as their income cannot support both the debt payments and the new mortgage they are applying for. There are 3 factors that affect the ability for someone to obtain a mortgage: credit rating, employment income/debt service ratio, and the down payment. Most lending institutions use the Beacon Score to evaluate the debtors capability to obtain mortgages. Typically a Beacon Score of 650 or higher means a debtor can qualify without too many restrictions. After going through a restructuring program you are usually in a better position to meet the debt service ratio as you have no additional debt, by reducing your debt and monthly payments cash flow is free to save for the down payment and our credit rebuilding program is tailored to meet the CMHC mortgage lending guidelines. A well-executed debt restructuring plan can make home ownership a reality.
comments powered by Disqus