First National rolled out a conventional stated income mortgage last week. It was a soft launch intended to “assess (the) market opportunity,” said a company representative.
The product is aimed at self-employed or contract workers, with good credit and a minimum 3-year credit history.
The product comes in two flavours:
Other details of note:
The Conventional 65/75 mortgage is available on a trial-run basis for now, and only through approved First National brokers.
About First National: First National is the largest non-bank provider of single family residential mortgages in Canada. It currently administers roughly $49 billion of residential and commercial mortgages.
Rob, are there a lot of lenders out there who are still doing stated income mortgages? Or did they dry up during 2008-09?
Yes indeed. There are several lenders that offer stated income products in one form or another.
First National are a bunch of…. I have a commercial mortgage with them and they take a specific charge on the house PLUS a General Security Agreement (GSA). Until the renewal date comes in 2013, I’m screwed and can’t get a Visa/Operating Line from a bank. THey’ve handcuffed me and can’t offer me additional facilities on their end.
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