First-Time Homeowners in Ottawa
Rachel and Christian are a young married couple. They are focused on building up their careers and setting themselves up for a prosperous future, so kids may be on the back burner. The couple has little debt and saved up $17,000 for their down payment. Given today’s real estate market and mortgage rules, they will need to Rent-to-Own for three years to become mortgage-ready.
Combined, Rachel and Christian earn a total of $116,400 yearly. They both work for the Federal government and are considered essential workers. Rachel is employed by Export Development of Canada and has been there since 2016. As the Senior Underwriter Policy Coordinator, she earns $61,400 annually. Christian works for the Department of Foreign Affairs. He started in February 2021 and earns $55,000 annually.
Rachel does not like credit cards and has not been using them much. As a result, she has a low credit score of 589 and will need time to establish new credit. Christian has a credit score of 586. He has one car loan on his credit that will be paid down over 36 months during their RTO term. The couple seems to have good payment habits and are conservative when it comes to using credit. However, they will work with a Clover Properties-approved mortgage broker to ensure their credit scores increase adequately by 2024.
The property is a condo-town in Ottawa. The monthly condo fees are reasonable, and they will be covered by the tenant-buyers. This well-maintained 3-bedroom, 2-bathroom house has a finished basement and updated kitchen. Rachel and Christian love the area as it is mature and quiet.
If you can qualify for a $360,000 mortgage (based on a 20% down payment), and would like to earn about $1069+ in monthly cashflow to help Rachel and Christian Rent to Own, please call or text Rachel at 416-450-1940.