These longtime homeowners are currently sharing a two-story home with their adult daughter. They’re retired and hoping to age in place by purchasing a smaller, single-story home that’s more accessible in Windsor, ON.
To downsize with the purchase of a one-storey owner-occupied home using the downpayment from the sale of their current property.
We considered $1,200 per month of contributory income from the daughter who will be moving into the new property, pension income from both applicants and a prime credit score of 800 to approve this purchase.
Our clients also received a 5 bps discount off our posted rates through their broker’s MCAN Sprint status!
This family was approved for their mortgage and will be able to start the new year in a new home with fewer mobility challenges.
MCAN Home Discover Alternative Solutions provides Inclusive income calculations to service your clients.
Get complete Alternative guidelines here.