Family Needs More Time to Save 20% down payment

Anita and Arif are a young successful couple with two small children (5 and 9).  They own a rental unit and have it fully rented.  They wanted to set down roots for themselves and invested in a new build in North Oshawa.  Unfortunately, the lending environment changed and the couple were declined a mortgage unless they had 20% down due to the rental unit.  They don’t have 20% down and are hopeful that we can help them close the house and rent to own the home to them for two years while they save the 20% needed to take the mortgage in their own name.   Anita and Arif have $145,000 for the down payment.


Anita and Arif both work full time.  They have a household income of $213,500.  Anita is a case manager for AGA Khan Council and has been with the organization since 2021.  She earns $74,500 annually.  Arif works for Perseus Group in the role of Senior Finance Manager. He has been with Perseus since 2017 and earns $115,000.  On top of their employment, the couple earn $2000 a month on the current rental unit for a total of $24,000 in rental income annually.


Anita and Arif both have good credit.  Anita has a score of 802.  Arif has a score of 782.  Their credit history is very strong.  They only thing holding them back is the rental property mortgage which puts their ratios out and is the reason the bank requires 20% to qualify for their own mortgage.  They will work with a Clover approved mortgage broker who will focus on helping them build up their down payment over the two-year rent to own term.


The family purchased a brand new build in North Oshawa.   This beautiful unit has 3-bedrooms and 3-bath.   New everything and a Tarion Warranty to boot.  Bordering Courtice, this property is 20 minutes from the 401 and close to public transit and GO train.  Close to all amenities including schools and parks.

Next Steps

If you are able to qualify for a $759,920 mortgage and want to enjoy a 145k down payment on a two-year term to help Anita and Arif create stability for their family, please click the button below to indicate your interest.

Investment Property Highlights

  • Your investment is $89,629
  • Estimated annual return on investment is 36% (based on a mortgage rate of 6.14 and 30 yr amortization –approximated)
  • Your estimated NET profit $64,987
  • Your NET monthly cash flow is approx. $428+ a month
  • Tenant-buyers have $145,000 for the down payment
  • Tenant-buyers have a household income of $213,500

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Investment Property Highlights

  • Purchase price is $949,900 (estimated purchase price))
  • Target closing date is 30 days
  • Tenant-buyer agrees to pay $5,665 monthly
  • Tenant-buyer will buy this house in 2024 for $1,045,721