Quote:
Originally Posted by WTFIJustDid
How should a person who has filed 0 over the last 5 years go about buying a house? I live in Quebec. I realize I will need a bigger down payment and I'm cool with that, but I just want to know if the bank will basically laugh at me since I've got no income, or if it is doable.
I'm not sure what the requirements are bit I think its one of those things where it depends who you talk to at the time.
I had a mortgage for 5 years with First Line (which is a subdivsion of CIBC) They never said boo about what I did for a living since I paid taxes and had T4's to prove it. We never missed a payment, we were never late,we made prepayments and had about 50% equity built up in our house.
Now I just tell people I'm a self employed contractor in risk managemnet.
It came up for renewal about 4 years ago and they wanted to confirm my info. When asked what I was doing for a living, they basically said we can't touch you due to your occupation I talked to a supervisor they said the same thing they didn't want to touch me with a 10 foot pole. I asked why it wasn't a problem 5 years ago and they wouldn't tell me. They had an issue with a poker pro at renewal time though.