As mortgage lending standards are tightening, equity based programs are becoming harder to find. However, it is a product that is still available.
If you have a job (salaried or self-employed) or are retired, but not earning enough to qualify for the mortgage, the bank will take a look at your liquid assets and equity in properties that you own. As long as your net worth is 1.5 times the amount of the mortgage required, then we can help you!
Here’s what you need to know:
- We would be able to get you financing up to 65% of the value of your property
- Must have a beacon score of over 680
- Can go up to 30 year amortization
- Must be your primary residence up to four units max
- Maximum financing amount is $750,000
Think this program may be for you? Give us a call, and inquire today!