Questions on corporate income based qualification
Obvious throwaway as including real numbers. I understand (based on search) that qualifying using corporate income is not unusual. Looking for insights specific to my situation (e.g. is it simple, complex, potential approach etc.):
- Assets - 1 M house (aprox.) 400k remaining. ie. 550 - 600K equity. plan to retain this for renting
- Other assets (mostly registered accounts) 1 M (approx.)
- Pvt. Corporate assets (retained earning): 1.2 M liquid
- Typical Annual revenue 400k to 500K. Salary drawn 220k for the past few years
- No major liabilities. maybe new car in the near future
Goal : New primary home around 2M. 20 percent liquid downpayment saved in addition to assets above
Main Question(s): Can I obtain mortgage for the rest of 1.6M? Do I need a bigger downpayment? Would this fall within regular lending envelope or do I need to explore alternate channels?
P.S: I was pursuing this with my current broker, but I had to terminate that avenue as he was not on the ball / responsive (which is very atypical of him) : which is now making me wonder if my situation is very hard (to qualify for).
P.P.S: the current mortgage renews next year. it has a clause to inform the lender if I am renting, so maybe it may need to be renewed at different terms, idk. Don't know if that makes a difference to the overall situation
Appreciate any inputs / insights