Here’s a breakdown of the key features of this loan:
– Borrow up to 85% of your property’s value, based on your credit score.
– Your monthly debts can be as much as 55% of your income.
– Submit your income history for the past year, and you have a few options for meeting this requirement:
- 1 year of tax returns
- 12 months of bank statements
- Profit and Loss documents covering 1 year.
– You should have at least 3 tradelines with a 12-month history.
– Most property types are eligible.
– You can use gift funds.
– For loan-to-value ratios over 80%, the Bank will need to verify your rent for the past 12 months.
– This loan accept both full or alternative documentation.
– Other requirements may apply.
Here’s a quick overview of the loan-to-value (LTV) options:
- You can go for a no-score program with up to 75% LTV.
- If your credit score falls between 620 and 700, you can borrow up to 80% LTV.
- If your score is 700 or higher, you can access up to 85% LTV.