The credit crisis has reduced the available mortgage lenders to a degree that we were not satisfied the remaining loan providers offering limited value and not much guarantee of your qualifying with bad FICO scores. lendingarch We will continue to monitor the state of the industry and as opportunities for home financing arise, be sure we will make them available to you.
There is no way around it for people who want to finance a home in the current markets, a traditional mortgage lender will require a larger down payment, 10%, 20% or even higher depending on your credit history. If you do not have a 40% down payment in savings available the alternatives are to explore government home ownership programs, though their approvals can be stringent and complicated, and creative home buying direct with owners of fully paid off houses.
The alternative to buying a home with a traditional mortgage is to pursue more creative means of purchase. We recommend pursuing for sale by owner housing offers and exploring 'subject to' contractual purchases in lieu of traditional bank mortgage financing. When the market changes and bank offered loans for people bad credit become viable again, we'll update here immediately.
Suite 640 633 6th Avenue SW
Calgary, Alberta T2P 2Y5
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