Merix Financial Mortgage Program for Non-owner Occupied Rental Properties

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Merix Financial Mortgage Program for Non-owner Occupied Rental Properties

Merix Merix Financial now offers Genworth-insured financing for non-owner-occupied rental properties.

The details:

Maximum loan-to-value: 80%
Credit score: 640 minimum
Maximum TDS: 40% (excluding heat)
Rental Income: 80% rental offset on all rents
Pre-approvals: Yes!

It’s rare to see 80% rental offset for all rental income from all properties. The majority of lenders allow only a 50-80% add-back on rental income, especially rent from a non-subject property that is not owner occupied. (That’s relevant because an 80% offset allows for more flexibility than an 80% add-back. In other words, it’s harder to qualify with an add-back).

On exceptional files, Merix will even consider non-conforming rental income (from a basement suite for example) in major urban centers like Vancouver and Toronto.

Merix does have a rate premium on rental deals. But, surcharge or not, Merix is competitive.

For more information on mortgages in Canada, get a copy of my free eBook.

NB: – This blog is by Leo Lee AMP. He is a licensed independent mortgage broker in Victoria, British Columbia, Canada. Leo provides professional advice on real estate financing for residential, commercial and industrial properties. Leo works for you, not the lenders. He is also an approved mortgage agent for the Tax Deductible Mortgage Plan (TDMP. His blog and Web site are dedicated to providing the public useful and timely information on mortgages, interest rate, real estate, personal finance, money and the Canadian economy.

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