Mortgage Question

[newcanuck1234]

Hi all...I have a question related to mortgage with high down payment and no income. If I was looking at a house in the range of c. $650k and make a down-payment of c. $450k, can I get a mortgage for the rest in the case that I don't have an income (last job ended about 1 year ago)...does anyone know if this is possible and what are the requirements?

Thanks.

 

[newcanuck1234]

...sorry. To clarify, Last Canadian job ended about a year ago...now overseas. So no Canadian income and no Canadian job for the past year. How do banks look at overseas income? Thanks.

 

[steaky]

Were your overseas income reported in your Canadian tax return? If so, they will be considered as Canadian income.

 

[newcanuck1234]

Thanks for the reply. I left Canada in late 2018 and am currently a non resident for tax purposes (filed final tax returns for the year 2018). My income since I left is not part of my tax returns since I was not a tax resident in 2019.

 

[KRP]

Hi all...I have a question related to mortgage with high down payment and no income. If I was looking at a house in the range of c. $650k and make a down-payment of c. $450k, can I get a mortgage for the rest in the case that I don't have an income (last job ended about 1 year ago)...does anyone know if this is possible and what are the requirements?

Thanks.

Waiting for another 6 months could be beneficial. Prices could fall by the end of the year.

 

[canuck78]

Unless you can show another source of income/savings it may be tough to get a mortgage especially During this time of high unemployment. If you are returning to Canada would try to secure a job before buying a home. You can also visit a mortgage broker but without a job you will likely pay higher interest rate. Agree that I would wait to see if the market goes down.

 

[Qi]

No way from A lenders unless you landed within 5 years

 

[rohitemmanuel]

I think that will not be possible for you to get a mortgage loan

 

[TDH Team]

Hi Newcanuck1234, you could qualify for a mortgage loan up to 65% of the purchase price, under certain circumstances through a non-resident mortgage product offered by some banks.