Man Enough Organization

If you are trying to better understand how to qualify for an ontario residential mortgage from an institutional lender, here are some of the core criteria.

First, you will need to have a credit score of at least 650 generated by the fico scoring system and supplied through one of the two major credit reporting agencies in Canada, namely equifax and trans union.

Second, you must have verifiable annual income from an acceptable source of verification that provides a debt service coverage of no more than 42% of gross debt service and 32% of total debt service.  Repayment can be pooled between two or more applicants.