2 answers from licensed, verified mortgage brokers.
Edge Financial Services Corporation operating as Dominion Lending Centres Edge Financial · Toronto, Ontario
First, review your credit with a Mortgage Broker and create a recovery plan. Rebuilding takes time, depending on what caused the damage. The second option, B lenders may offer financing with a down payment of 20%. Private lenders are a last resort, focusing primarily on the property, equity and a realistic exit strategy; income requirements vary. There are mortgage options for many situations. Review the costs and repayment plan before choosing the path that fits your needs.
Answered October 2026
Contact a licensed mortgage broker who can work with banks and credit unions or trust companies that support borrowers with low credit scores. Borrowers who want to refinance or purchase a home with low credit scores have the greatest chance of approval when they have an income which is high enough to comfortably support the mortgage loan payments or borrowers who have a strong downpayment or equity in the home (ideally more than 25% of the value of the home).
Answered October 2026
✓ Answers reviewed by VerifiedAdvisors.ca. General information only, not personal financial advice. Speak with a licensed broker about your situation.