Question: Your client has a 560 credit score because she had some trouble with credit while in university 5 years ago. She has investments in RRSPs

Your client has a 560 credit score because she had some trouble with credit while in university 5 years ago. She has investments in RRSPs and Government bonds, and she doesn't have anyone else that can help her as a co-signer or guarantor. She would like to purchase a house and has 10% down payment saved. What would be the best option for her?

Options:

  1. Put together the file for an A lender with only her on the application because the lender will not look at the score
  2. Ask her to cash out her investments to put more down payment for a B Lender
  3. Find out if a member of her family with strong credit can guarantee the mortgage with an A Lender
  4. All of the above

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