Normal 0 MicrosoftInternetExplorer4
I thought I would pass this interesting information onto you that I have received from a mortgage broker:
With almost 50% of marriages ending in a divorce or separation, a great percentage of spouses want to remain in the matrimonial home.
CMHC & Genworth have been considering Marital split pay-outs up to 95% , on an exception basis. Clients in these unfortunate situations have the ability to purchase the home from the “Ex husband/wife. Clients are no longer restricted to 80% LTV refinance.
Here are just some of the guidelines:
-client must have good credit
-there must be Divorce or Separation agreement in place (legal papers endorsed by a lawyer)
-a private purchase & sale agreement will need to be created between the 2 parties
-down payment is existing equity and is considered to be “gifted”, therefore a gift letter is required
-statutory declaration to be signed by spouse relinquishing their interest in the property
No comments:
Post a Comment