Bankruptcy isn't
the end of the story.
Buy a home with 5% down even after a discharged bankruptcy or completed consumer proposal. We work with lenders who specialize in post-discharge mortgages.
- BBB Accredited
- No fees, ever
- Licensed Alberta brokers
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What's your down payment situation?
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We never pull your credit for this estimate. Your information is never shared or sold. For more information, please refer to our Privacy Policy.
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We DO NOT pull your credit. Your information is used only to reach out to you. No portion is shared with any third party. For more information, please refer to our Privacy Policy.
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The Skip the Down Payment program — and any mortgage with less than 20% down — requires solid credit history. Here's what good credit looks like and how to build it.
If you don't have any credit history yet, start with secured Visas from Scotia Bank and Home Trust — they're easier to approve for and a great first step. You can track your score for free at www.equifax.ca.
Down payment ranges and what credit you'll need
- 0–4% down: excellent credit, score above 680
- 5–9% down: score of 620+, no late payments or collections in the last 2 years
- 10–19% down: score of 580+, no recent late payments or collections
- 20%+ down: multiple lenders available depending on your interest rate tolerance
Tips to bump up your credit score
- If you've missed payments, try to open or maintain three credit accounts with perfect repayment going forward. (Student loans don't count.)
- Re-establishing payment history typically takes:
- ~12 months for one missed payment
- 2–3 years for 60- or 90-day late payments
- 3+ years for written-off debts (excluding minor collections like cell phone bills)
- Consumer proposals and orderly payment of debt are treated like a bankruptcy for mortgage purposes — wait times are significantly longer.
- Keep credit utilization low. Utilization is the ratio of balance to total credit limit. 30% or under is ideal.
- If you plan to purchase a home within 24 months, do not finance a vehicle purchase — the high utilization of that debt will reduce your score and your mortgage approval chances.
Why closing cards can hurt you
Say you have these accounts:
| Account | Limit | Balance |
|---|---|---|
| Credit Card A | $15,000 | $0 |
| Credit Card B | $10,000 | $0 |
| Credit Card C | $5,000 | $4,000 |
| Loan (orig. $20,000) | $20,000 | $17,000 |
Total utilization: $21,000 balance ÷ $50,000 total limit = 42% — that's healthy.
Now close Cards A and B (because you don't use them). New utilization: $21,000 ÷ $25,000 = 84% — that's bad. Your credit score could drop 50 points overnight.
Discharge isn't disqualification
There's a stubborn myth that bankruptcy or consumer proposal makes you 'unbankable' for years. The reality: from the day of discharge, the clock is ticking on rebuilding — and most of our clients in this program qualify for a real, federally-insured 5% down mortgage within 24 months of discharge.
The trick is knowing which lenders specialize in post-discharge files, what credit-rebuilding documentation they want to see, and how to package the file. Going to the wrong lender wastes time and may unnecessarily damage your credit. Going to the right one is often a clean approval.
Right fit checklist
-
Discharged at least 2 years. Most insured 5%-down post-bankruptcy programs require 2 years post-discharge minimum. Some lenders go shorter for very strong files.
-
Re-established credit. Two trade lines (credit cards or installment loans) for at least 24 months post-discharge, paid as agreed. We can help you set this up if it's not already in place.
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Stable income. Standard documentation — T4s, pay stubs. Self-employed clients add 1-2 years of additional seasoning typically.
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Down-payment savings. 5% from your own savings or a verified gift. Borrowed down payments (Flex Down) are harder to combine with a recent discharge.
Three steps to a quote
Confidential consultation
We discuss your situation in detail — discharge date, post-discharge credit, income, savings. No formal application until you're ready.
Credit rebuild check-up
If your post-discharge credit isn't quite where lenders want it, we'll outline exactly what to do — and how long it'll take.
Specialty lender submission
Some lenders simply won't fund recent discharges, no matter how strong the file. We submit only to lenders who specifically work with post-discharge clients.
After discharge, the path back
Real federally-insured mortgage
Not a private mortgage, not a B-lender, not a high-rate alternative. A standard insured 5%-down mortgage at standard rates.
Standard rates
Once approved, your rate is the same as anyone else's. The discharge factors into approval, not pricing.
Specialty lender access
We know which 4-5 lenders are most accommodating to recent discharges. Going to the wrong lender is the #1 reason these files fail unnecessarily.
Confidential handling
We treat these files with discretion. Bankruptcy is a private financial matter; the application process should respect that.