View Full Version : Question about purchasing a home

07-11-2006, 05:18 PM
I have a buddy who's mom is looking to acquire a house and I need some advice on her behalf from the knowledgeable people on this board.

As it stands, she has been renting houses for as long as she can remember and never has had the chance to actually invest in a house because of her history with bad credit.

Now, she's applied to a few of the places that advertise locally claiming they can get you a loan for a house no matter what, but that isn't really the truth. They always want to lend against something like RRSP's or anything with a high-colatteral value but the problem is she doesn't really have anything that would be worth lending against. She also told me that people say there's "always a way to get a house, you just need to know the right people" or something like that :dunno:

She told the agent that she has to pay rent anyways ($1200/month right now, but could afford to do $1500/month) and that actually putting the money towards a loan would be way more benificial then throwing it away every month. Obviously the bank or whoever handles the loan can't do it out of a good-spirit, but is there no way she could put forth a thurough application?

Any insight in this would be greatly apprciated.


D. Dub
07-11-2006, 09:25 PM
I'm a mortgage broker and I can often help people people with bruised credit get a mortgage.

I don't guarantee anything though...as I only deal with reputable and fair lenders :thumbsup:

PM me and I'll give you my contact info.

07-13-2006, 08:42 AM
Mortgages are the easiest loan you can ever get, tell her to try a no-downpayment one (just talk Dub up there, he'll get her all the info).

Though at $1500 a month, all you might find these days is a condo.

07-15-2006, 08:50 PM
I assumed that mortgages were difficuly to get.

My credit is good, I'm just worried about the TDS ratio.

D. Dub
07-16-2006, 02:24 PM
There are some lenders that have higher TDS ratios.

Of course with a higher risk there often comes a little higher rate.

07-16-2006, 07:22 PM
^ Gotcha. I just assumed that there was a streamlined TDS ratio for all lenders, I didn't think different lenders had different percentages for TDS.

Thanks for the info man. :)

07-17-2006, 05:03 AM
You could always go with a B lender. Interest rate will be slightly higher, but hey you get into a home instead of paying someone else's mortgage.

There are alot of products out there, so make sure you speak with a few mortgage brokers to get a good feel of where your at with your financial situation.

D. Dub
07-17-2006, 09:38 AM

Nah just speak to me I'm the best :D