Built for
variable income.
Mortgage programs that account for the realities of skilled trades and union work — seasonal hours, layoffs, overtime cycles, and pension benefits.
- BBB Accredited
- No fees, ever
- Licensed Alberta brokers
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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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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.
T4 doesn't tell the whole story
If you're a journeyman, an apprentice, or a unionized worker, your income probably bounces around. Big overtime quarters, lean stretches, the occasional layoff between projects. Lenders that average your last 2-3 years of T4 income often miss what your real earning power is — especially if you're rising through apprenticeship levels.
We work with lenders who understand the trades. Programs that count overtime properly. Programs that read between the lines on layoff history. Programs that recognize union pension and benefit security as risk-mitigators. Same income, much better mortgage.
Right fit checklist
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Established in your trade. Apprenticeship records, journeyman papers, union membership all help. Two years' established history gets you the most options.
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Stable T4 work. Even if hours vary, lenders want to see continuous employment in the trade. Layoffs between projects are normal in this industry — we'll explain them properly.
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Documentable income. Pay stubs, T4s, last 2 years of NOAs. Overtime should be documented separately so it can be properly added back.
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Reasonable credit. Trades programs aren't significantly more lenient on credit than standard programs — 650+ is the typical floor.
Three steps to a quote
Income proper-up
We average your hours and overtime correctly across the cycle of your trade. Many bank underwriters undercount this — we don't.
Lender match
Some lenders are noticeably more comfortable with trades income than others. We submit to the ones with the best track record on similar files.
Approval and funding
Standard timelines apply once approved — 30-45 days from application to closing for a typical purchase, faster for renewals.
What we do differently
Overtime counted right
Lenders should average your overtime over 2 years and add it to base income. Many banks don't bother. We make sure it's captured.
Apprenticeship growth recognized
If you're moving up the ticket levels, your income is rising. Lenders should anticipate that — not just average backward.
Union pension factored in
Strong union benefit packages reduce default risk. Some lenders explicitly offer better terms when union pension and health benefits are documented.
Layoff history explained
Industry-standard project gaps shouldn't disqualify you. We frame these correctly in the file so the underwriter sees them as normal, not concerning.