What are mortgage lenders looking for now for approving a loan?
Lenders are looking for better credit. Here is a guidelines right off of CMHC and Genworth Recommended credit scores: Up to 90% LTV: 600 90.01-95% LTV: 650 No prior bankruptcies/judgements if you buying a house to live in and if it is an investment property Recommended credit scores: Purchase: 660 Refinance: 680 No prior bankruptcies 2 trades with at least 2 yrs history is recommended Down payment from own resources Most of the mortgage lending institutions follow these but depending on why your credit is less than 650. My suggestion is to talk to a mortgage broker about your current situation because it isn’t just about your credit there are other factors such as your debt ratios, the type of property, the use of the property, and how much your putting down. You can also check out a www.mortgagebrokerrate.
