What can you afford?
You may be able to secure a mortgage based on a payment not exceeding 32% of your gross monthly income and not exceeding 40% of your monthly income including mortgage, car payments, credit card payments, alimony/child support etc. Income is considered to include income from employment supported by T4s, your spouses income also supported by T4s, business or self-employment income supported by documentation, investment income, rent from other properties (if rental is legal), rent from this property (if to be rented and assuming that such rental is legal),and any other documented source of legal incomeFor consideration in the 40% maximum debt service ratio are, in addition to the mortgage payment, credit cards inc Visa, MasterCard, Amex and department stores and fuel companies, car payments, alimony/child support and any other regular payment or loan.
I advise visiting your lending instituation first and securing a pre-approved Mortgage Certificate. This ensures that you are ready to buy and looking in your price range. It also lets vendors know that you are serious.
If you are having difficulty securing financing through regular means. let me put you in touch with mortgage professionals who may be able to help. Those with less income than normal for qualification may still secure a mortgage if they have a large downpayment. Mortgage professionals may be in a position to find you a private mortgage or develop a creative mortgage solution to meet your needs