Home Ownership Training
Move into your home now, get a mortgage later!
Our Home Ownership Training (HOT) is designed to help you fulfill your dream of homeownership. If you need time to improve your credit and want to move into your dream house NOW - this program is for you.
This program allows you to move into your home before you can obtain financing. HOT gives you time to repair your credit or pay off some other debts or build up a down payment.
With the current lending rules, it is difficult to qualify for a mortgage, which means many good buyers with damaged credit or no credit cannot buy a home.
We are here to help!
It is very easy to get started. You can move into your own home right now! We will buy it for you! And when you are ready to get a mortgage, we will transfer a title to you.
You can usually qualify even if:
- your credit is bruised
- you are self-employed
- declared bankruptcy in the past
- new to Canada and have no credit score
Our team will help you build a bridge to get from your current financial situation into owning your own home.
Start with our FAQ
About mortgages
Of course, most of us need to get a mortgage to buy a home.
A mortgage is a loan secured by your property. This means that if you don't pay on time the property might be taken away
In order to get a mortgage for your home from Canadian banks you need:
-
good credit rating (660 or more)
-
5% or more down payment
-
steady income. Mortgages for self-employed workers typically require proof that you have been self-employed for three years or more and 10% down.
If you don't meet either one of these requirements you need to "make it up to the banks" in other areas, for example, have a larger down payment (20+%).
Well, what can you do if you don't have enough down payment, new to Canada, and have no credit score yet, or due to some circumstances your score is not perfect? Certainly in a year, two, or maybe five you will improve this situation, but where will you live before you get there?
Wasting money on rent is not your only option!
