Timing: Buying a house and consumer proposal

I am thinking of filing a consumer proposal, but I am unsure of the timing. I will be moving to the U.S. for school this fall, and a family member offered to loan me money for a downpayment on a cheap house there, which I will pay back when I sell the house down the road. I have about 30,000 of debt and will be filing a consumer proposal soon. My question is: should I file before I apply for a mortage (I will have a cosigner with a large amount of true equity but still wonder if I will qualify for a mortgage under my name with an R7 on my rating), or after I do?

Posted from: Ontario

One Response to “Timing: Buying a house and consumer proposal”

A licensed trustee said...

I think the fact that you have no US credit history will create more of a problem for you than a proposal in Canada. Likely, the mortgage approval will be granted based on your downpayment and the strength of your co-signer (assuming they have a history of borrowing in the US).

The thing to do is contact a lener in the US where you want to borrow and ask them what they think…