ü Maximum LTV (loan to value) 90%
ü Self employed for more than 2 years but less than 3 years
ü No previous bankruptcy
ü No tax arrears as per most recent Notice of Assessment (NOA)
ü Minimum 3 years on Credit Bureau with 3 trade lines.
ü Beacon Score Requirements (defined by the lowest score from all borrowers average score): LTV </= 90% - minimum beacon score of 650
ü Maximum TDS 42% - based on stated income.** Latest statistics from Bank of Canada indicates that the total mortgage amount is $879 billion in the year to July.
** In its interest rate announcement, the Bank of Canada held the overnight at 1.00% and reiterated its forward looking language. The Bank acknowledged that the rotation in economic growth drivers has not been as quick as many had hoped – a theme that was reinforced by data releases this week (From Td Economics)
Romy Alegria is a Mobile Mortgage Specialist with TD Bank who specializes in Residential and Commercial Real Property Mortgages in the Greater Toronto Area.
Romy Alegria | Manager, MMS | TD Canada Trust
P: 416.278.2540 | F: 1-866.222.5708