When can we purchase a house after proposal is completed

August 13th, 2008 by Questions

My husband is 11 months from completing his consumer proposal. We would like to purchase a house when the proposal is complete. Is this possible with his credit rating. His annual earnings are approx. 80000 added to my income of 34000. I do presently own a property and wish to rent it out when we can buy. Is this realistic or how long afterwards will we have to wait to purchase?

Posted from: Ontario


One Response to “When can we purchase a house after proposal is completed”

, A licensed trustee said:

It is unlikely he will immediately become an attractive credit risk for any reputable lenders. Whta you should be doing now is seeking out a mortgage companies’ advice on the things you need to do in order to qualify for a mortgage as quickly as possible once your spouse completes their proposal.

Generally speaking, we tell people to expect it to be difficult/awkward to obtain new credit for at least 2 years after they complete their proposal.

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