MCAN Fresh > Key Points Squeezed & Served Straight-up!

On November 14, we held the very last MCAN Impact webcast of 2024! ICYMI we covered what’s fresh and new at MCAN heading into next year. Here’s a quick guide to everything you need to stay informed and up-to-date, as well as some FAQs that popped up in our Q&A Session. Stay tuned for more on 2025 events coming soon…

Remember, you can always access Broker Resources here.

📺 Webcast Recording

Missed the session, part of it or want to revisit the key points? Access the webcast recording here.

📊 Deal Run

There’s an MCAN deal on your desk! Unsure? Connect with the deal run team to discuss policy, lending areas and property questions ahead of submission. Your approval ratio is about 85% when you use the deal run team AND we’ll add 5 bps to your comp!

Reach out to: DealRun@MCANfinancial.com

Frequently Asked Questions

Contributory Income

How much can we use?

• Maximum 1 family member as contributor.
• Up to $1,400/m for major locations and $1,200/m for the rest.
• Cannot exceed 30% of the main income.

What documents are required?

• Tenant acknowledgement with 3 consecutive months bank statements confirming deposit OR confirmation of the contributor’s income, and copy of contributor driver’s license, paystub or utility bill confirming contributor has same address as subject.

Can it be used on purchases?

Yes, on an exception basis—if the contributor currently resides with the client and will be moving into the subject.

Boarder Income

How much can we use?

• Up to 2 boarders.
• Up to $750/m per boarder for major locations and $500/m per boarder for the rest.
• Cannot exceed 30% of the main income.

What documents are required?

Lease(s) agreement(s) confirming monthly boarder income with 3 consecutive months bank statements confirming deposit and appraisal must confirm the number of bedrooms is adequate to accommodate all boarder(s).

Q: Can it be used on purchases?

A: No, boarder income is designed for refinances only.

Bridge Solution

• Requires firm/unconditional sale of the existing property.
• Maximum duration of no more than 1 month.
• 8.00% interest rate.
• Bridge cannot exceed $400,000.
• Bridge must be registered by the client’s solicitor on both the purchase and the sale properties.
• Fee:
  • Precision Prime: $300
  • Discover Alt: $50

Score Program

Client support for Credit Optimization, Rehabilitation and Education. Program details here.