Region served
After a bankruptcy or a proposal, a lender looks at two things on a Grand Montréal file: the discharge date and what you have rebuilt since.
The score matters less than the story behind it. A lender wants to know how long ago the problem was settled, whether your credit has recovered since, and whether the file holds up without that line. A proposal or bankruptcy discharged two years ago, with credit rebuilt, doesn’t get treated like a late payment from last month.
Your full credit report, discharge or release papers for anything that’s settled, and proof of payment on what remains. Add your notices of assessment and proof of your down payment. The bigger the down payment, the more room there is to negotiate the rest.
Two years of notices of assessment, recent pay stubs, an employment letter. The lender goes by what your tax records show, not by what lands in your account. Income that shows up nowhere does not count toward a purchase in Grand Montréal.
Depending on where the income comes from, the lender takes the current year, a two-year average or a simple employment confirmation. That period sets the amount, not what you are earning this month. Expect it to differ from one lender to the next in Grand Montréal.
Notices of assessment, tax returns, financial statements, pay stubs, deposit records. Get them all together before you make an offer. That is what makes a short financing condition workable, since the delay nearly always comes from a third party who has not sent their piece yet.
The lender looks at how long ago the incident happened and what you have rebuilt since. Alternative lenders say yes sooner, at a higher rate, while you work your way back to a bank.
To prepare
Yes. It all runs by phone, email or video call, and documents go through online. We can meet in person, but most files get settled without anyone having to travel.
Often two years after discharge, with credit rebuilt and paid on time since. Some lenders say yes sooner if the down payment is bigger. What you have rebuilt counts, not just the time that has passed.
Pick the situation closest to yours.
Contact
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.