Quote:
Originally Posted by AstulzerRZD
The new mortgage rules are particularly restricting - max 4.5x of your annual income.
Suppose you had 20% down for a 600k condo, the remaining 480k would require an annual income of roughly 110k.
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A friend said he can sometimes get you approved for 5.5x by writing a convincing application indicating that your career will show significant growth in 5 years.
That's still 85 - 95k annual income though. Which is doable, otherwise your likely going to have to put 25 - 35% down payment.