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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:
- Conventional 65: For purchases, refinances and ports, with a 650 minimum beacon, and 65% LTV up to $750,000 (50% thereafter).
- Conventional 75: For purchases and ports, with a 720 minimum beacon, and 75% LTV up to $750,000 (50% thereafter).
Other details of note:
- Property Type: Owner occupied with 1-4 units
- Maximum loan amount: $1 million
- Term: 1-5, 7 and 10-year fixed and 5-year variable
- Rate hold: 120 days
- GDS/TDS: 32% / 40%
- Down payment: From own resources; no gifts
The Conventional 65/75 mortgage is available on a trial-run basis for now, and only through approved First National brokers.
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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.
