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Express Income Qualifier – “EIQ” (formerly known as “No Income Qualifier”):
Help your client get their financing faster!
Requirements
- Loan-to-value of 65% or less.
- Minimum bureau score of 700 or more.
- Confirmation of no tax arrears via recent Notice of Assessment.
- Self-employed or 100% commission applicants.
- Down payment must be from applicant’s own resources. Does not apply to gifted down payments.
- Minimum net worth of $100,000.
- Does not apply to rental properties.
- A full appraisal is required regardless of loan to value or mortgage amount.
- Maximum mortgage amount is $750,000.
- All fixed and variable rate term products are available with this program.
If the client does not fit into the Express Income Qualifier mortgage, 2 years’ of CCRA Notice of Assessment may be requested.
Our underwriters will work with you and keep you informed of what will be required.
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