Non-bank lenders have less restrictive requirements for income and credit. Alternative, or “B” lenders require a minimum of 20% down payment on purchase transaction and the mortgage cannot be default insured by one of the three insurers in Canada.
Various programs existing with alternate lenders including:
– Bruised credit and financing with a credit score under 600. – Stated income programs using business banking statements to qualify the loan. – Self-employed tenure less than 2 years.