Qualifications for bad credit mortgages on Ontario
- Credit scores from 520 and up
- Purchases require a minimum down payment of 20%
- Minimum home purchase price of $150,000
- Refinancing requires a minimum of 20% equity
- 2nd mortgages up to 85% of appraised value. Second mortgages or equity take out have no credit score requirements. These mortgages, in contrast, are approved based on property and equity.