The minimum down payment or equity requirement when dealing with either private lenders or B lenders is usually 30%- 35%. In some case where the property is situated in town, we have been able to approve some with 25% down payment but they are on a case by case.

With B lenders, the minimum beacon score is in the 500 range. The main criteria to qualify with our alternative program is the equity in the property. I have been able to approve clients with 440 Beacon score with private lenders. When there is enough equity, we have a better chance of approval.

The Alternative Lending program is there to pay; 1. Judgements 2. Collections 3. Canada Renevu Agency 4. Unfinish Renovations And more.

After paying off some debts or applying for new credit, it is really important to be on time with any payments that will show up on the credit. It can take 1 year to build a strong credit and it can also take up to a few years to re-build a strong credit after delinquencies on the credit. It is on a case by case. Contact me to make sure you do the proper steps.

Going into a bankruptcy can be avoided depending on your situation. If you have equity in your house, we can consolidate some debts and avoid it. But in some case you don't have the choice. You can still keep your house and mortgage while going into a bankruptcy. I strongly suggest not to let your property go because it will be hard to purchase a new one after. A lot of lenders won't lend if there was issues with a Mortgage.