- Are you a student?
- Are you a home worker?
- Is your job cash-based and you never claim any personal tax return?
- Are you an private investor and no income was claimed to CRA?
- Did you just loss your job?
- Do you have no income for just working as a commission-based position?
If any of the above questions is YES, you are a “Non Income” borrower. For many A-Type lenders and B-Type lenders, there are some mortgage programs especially to “Non Income” borrowers. Most of these programs belong to the Equity Loan which requires you pay enough down payment. This down payment percentage actually always is changed by the government and lenders’ policies. In 2010, 20% down payment is enough for some lenders, but in 2011, it’s changed to minimum down payment 25%, and in 2012, it’s changed to 30% to 35%. So this Equity Loan policy is really variable.
>>> Call Me to ask the current policies of different lenders.