We have a post on what income is needed on your mortgage, but what if that income is not claimed at all in Canada?
This is what we will go over in this post. We hope to explain how to purchase a home in Canada when you work outside of Canada and simply do not claim this on your taxes.
Firstly, we see income being accepted from Hong Kong, China, USA, and others. It is ultimately the lender who decides what income will qualify. Regardless of your country, standard income requirements apply – job letter, paystubs, and additional income verification when warranted.
The max loan to value we can achieve at the moment is a 65% Loan To Value. So for every 100,000.00 dollars in the purchase price, you have to come up with 35,000.00.
Some lenders have additional requirements such as placing 12 months of equal payments in a Secured GIC to offset risk and income exceptions.
Please consult your Mortgage Suite Agent or Broker when you are deciding to purchase or access the equity in a home, and do not claim income. There are many options depending on which Borrower Type you may be.
