Closed in 2022 · Published October 18, 2026
- Residential
- Prime lender
- Purchase
- First-time buyer
- Gift
- Richmond
- Value
- about $840,000
- Mortgage
- about $670,000
- Loan-to-value
- 80% of the value
- Ratios
- about 44% and 50%
- Rate in 2022
- 5.25%, five-year adjustable, 30-year amortization
The Situation
A married couple with one child, first-time buyers, were buying a two-bedroom, two-bathroom condo in the Steveston area of Richmond, valued at about $840,000.
The Challenge
Both had worked for their employers since October 2018, one as a restaurant manager on about $78,000, the other as a claims administrator on about $58,000. A car lease and a line of credit were still open, the child benefit of about $3,900 a year was left out because of the child's age, and the ratios came to about 44% and 50%.
The Solution
In 2022 we placed about $670,000 with a major Canadian bank, 80% of the value, on a five-year adjustable term at 5.25% with a 30-year amortization, qualified at 7.25%. Scores of 808 and 709 on thick credit files, every account paid as agreed and all other debt paid off, carried the file, and the bank made a large exception to accept a total debt-service ratio close to 50%.
The Outcome
The couple bought their first home with 20% down, about $170,000, from a $200,000 gift from two siblings, and paid closing costs themselves.