Consumer Proposal CMHC & Mortgage Down Payment
January 15th, 2014 by Questions
My goal is to purchase my first home in about 5 years; 2 years to pay off proposal, 3 years until my bad credit gets purged while saving for a down payment.
By filing CP, it becomes matter of public record forever. Do lenders/banks look at this before they approve you? Is it a big factor whether to approve or not?
Is 5% down payment enough to get approved for a mortgage after credit has been purged? Or do lenders want bigger down payment (i.e. 20%) from someone who has filed for CP.
Posted from: Ontario
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