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Qualifying for a Mortgage on a Condo

Posted by Sherry Rioux on October 29, 2015
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Did you know that qualifying for a mortgage on a condo is slightly different than qualifying for a mortgage on a house?

For a house, your lender will qualify you based on your annual income, the monthly mortgage amount, the monthly municipal tax amount and if it is a high ratio mortgage (if you’re borrowing more than 80% of the sale price), they also take into consideration a monthly heating amount.  The house must meet certain physical guidelines.  Your credit score and source of down payment are also considerations, as well as debt servicing ratios.

For a condo mortgage, your lender will qualify you based on all of the above criteria, but they must also take into consideration 50% of your monthly condo fees when calculating your Debt Servicing ratios.

Click here to see great mortgage and debt servicing calculators on the CMHC’s website.  Try them out!

 

 

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