Posted on: 08-07-05 13:40:07
maybe pramod,smiley others can state their exp on this q
How much time would i need to wait before i can apply for a Mortgage, owing the fact that i am new immigrant,
Would i have to wait untill i secure a good credit rating(which i guess would take 2 yrs min)
can i secure loan thru Bank of america if i have a BOA account in US(i guess it wud be irrelevant cuz of different countries)
Assuming i need a mortgage of 300k
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Ashish
Quote:
Orginally posted by ashish30
maybe pramod,smiley others can state their exp on this q
How much time would i need to wait before i can apply for a Mortgage, owing the fact that i am new immigrant,
Would i have to wait untill i secure a good credit rating(which i guess would take 2 yrs min)
can i secure loan thru Bank of america if i have a BOA account in US(i guess it wud be irrelevant cuz of different countries)
Assuming i need a mortgage of 300k
Hi Aashish,
If you have 35% down payment, you can buy the house under some banks 'new immigrant' program and you do not need to have the job or credit history in Canada. However, if you land a job in Canada before coming or immediately after landing and have good credit history in US (which you can provide yourself by getting it from Equifax) you can qualify for a mortgage on 25% down or in some special circumstance even by putting 10-15% down payment (subject to qualifying on your job which is not on contract but full time permanent with out probation) you can get a mortgage.
You can PM or email me with your specific situation and expected date of arrival and I can reply to you accordingly.
Good Luck
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks Pramod, appreciate your response
Putting down 35% or rather 25% would be hard(would had been possible when C$ wass 50% of US$,
I wont go for home unless i secure a job hence that wont be issue
I would contact you once i get into some concrete situation.
Thanks for the reply and will get in touch with you
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Ashish
Quote:
Orginally posted by ashish30
Thanks Pramod, appreciate your response
Putting down 35% or rather 25% would be hard(would had been possible when C$ wass 50% of US$,
I wont go for home unless i secure a job hence that wont be issue
I would contact you once i get into some concrete situation.
Thanks for the reply and will get in touch with you
You are welcome.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
I read your post and closed for a house with 35% down. Wondering if I can buy a second house for 35% DOWN TOO. Basically for renting/flipping. Please advice.
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landed rearriving soon
Quote:
Orginally posted by izzatsethi
I read your post and closed for a house with 35% down. Wondering if I can buy a second house for 35% DOWN TOO. Basically for renting/flipping. Please advice.
Mr. Sethi,
In order to answer your question correctly, I would need to have a lot more information. So, please either email me with your email ID or give me a call so that I can guide you accordingly.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
