Real case scenario: buying pre-sale condo without income.
March 15, 2025 | Posted by: Alex Vinarski
Real case scenario: buying pre-sale condo without income.
Client contacted me last year. She bought pre-sale few years back, completion was delayed by almost 2 years, client already retired and has only small pension for income. She owned 2 condos without mortgages and house with a mortgage. Her son has employment income, but not high. She had 20% deposit on new condo, and no more savings.
What we did:
First we refinanced one of her condos under her and her son name to take out maximum amount possible with the bank. We used higher Debt Service Ratio program, when borrowers can use to to 60% of the income toward mortgage and other payments instead of regular 44%. Now clients have very good down payment for new condo. With large down payment we got her a private mortgage at 8%. Bank rate at the time was around 6%, so not much higher.
After one year we manage to switch private mortgage to bank, because she sold her house that had mortgage and her son’s income increased slightly.
If you want to learn other creative ways to get a mortgage in difficult situation visit my website: www.ipotekacanda.com, or contact me.
