Free Consultation

Consumer Proposal and buying a house.

I filed a consumer proposal almost three years ago. The payment portion will be completed in September. I understand that I then have to go through a “3 year clearance period”. Once I get in to this clearance period will my credit rating be improved enough so that I can purchase a house? My wife and I have put away enough money so that we could put down approx 70k. Since my income is quite a bit higher I’d like to make sure I can put my name on the mortgage.
Am I able? or do I have to wait for a complete discharge?
thanks you in advance.

One Response to “Consumer Proposal and buying a house.”

A licensed trustee said...

The 3 year clearance period you mention is simply the amount of time that your proposal will appear on your credit report. Further information can be found on Equifax’s web site at:
If you have a sizeable down payment and sufficient income, you will probably qualify for a mortgage shortly after you have completed all of the payments in your consumer proposal.