Triple E Developments and Access Credit Union Begin Mortgage Financing Pilot Test Program
Access Credit Union Limited has entered into a pilot test program to provide mortgage financing for owner-occupied residential properties in the Triple E Developments Ltd subdivision known as North Point Trails. This program eliminates the requirement of CMHC or Genworth Insurance for purchasers that have a 5–20% down payment, resulting in a savings of between $5,000 and $13,000. The financing program applies only to the properties being sold solely by Triple E Developments Ltd for the North Point Trails subdivision in Winkler Manitoba.
Qualification criteria for financing includes, but is not limited to:
- Mortgage financing approvals are subject to Access Credit Union Limited standard credit granting guidelines for owner occupied residences and are to include a current residential appraisal.
- Interest rate will be the Access Credit Union posted bulletin Residential Mortgage Rate at the time of application plus .25% (will apply to all terms/minimum of a 3 year fixed rate term required).
- Maximum amortization is 25 years.
- Purchasers will require a minimum of 5% down payment (confirmed and from a non-borrowed source).
- An additional 1.5% of the purchase price will be required by the purchasers to cover closing costs (insurance, appraisal, legal fees).
- Approvals will be subject to confirmation of meeting the standard Gross Debt Service Ratio (32% GDSR) and Total Debt Service Ratio (42% TDSR).
- Approval will be subject to qualifying for the mortgage at the Bank of Canada qualifying rate (currently at 4.79%).
Contact Terry Peters or Brent Schaak at Access Credit Union for more information.
The program terms and conditions are subject to change without notice.