Strive Mortgage Solutions
By acknowledging the dynamic nature of borrowers’ profiles and financial circumstances, Strive aims to offer a versatile range of mortgage solutions. These solutions not only cater to diverse needs but also provide flexible payment options and specialized features, ensuring a tailored approach for each client. Strive’s mission to provide “A Better Lending Experience” reflects our commitment to customer satisfaction and empowerment, enabling more individuals to achieve their homeownership dreams.
Product Sheets
General Guidelines
Strive’s General Guidelines serves as a central resource providing high-level insights into our Prime mortgage products. Whether you’re a borrower exploring financing options or a broker seeking to better serve your clients, this guide offers an at-a-glace overview of our general product features and associated policies, ensuring transparency and accessibility to essential information. From flexible payment options to unique product features, discover how Strive Prime mortgages can help you achieve your homeownership goals with confidence.
| General Guidelines |
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Transfer Program
Strive’s Transfer (Standard and Collateral) program is ideal for homeowners who are looking to transfer their existing mortgage from one lender to another. Whether borrowers are looking for a standard transfer or collateral transfer options, Strive’s Transfer program provides a seamless solution with competitive rates and flexible terms, ensuring a smooth transition and continued financial stability for homeowners.
| Transfer Program |
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| Transfer Ingestion Form |
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Purchase Plus Improvements
Strive’s Purchase Plus Improvements Program (PPI) is designed to help homebuyers finance both the purchase of a property and the cost of renovations or improvements. They can transform their new property immediately after they take possession, no matter the scale of the project. This program allows homebuyers to bring their vision to life by financing necessary upgrades and repairs, all under a single mortgage, while ensuring their new property is a true reflection of their preferences and a place they can truly call “home.”
| Purchase Plus Improvement |
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BFS Stated Income (Insured/Insurable)
Strive’s Business for Self Stated Income Program is designed to assist self-employed individuals or those with non-traditional income sources in securing a mortgage. It allows borrowers to declare their income without traditional proof like pay stubs or tax returns. Instead, we will assess the borrower’s ability to repay based on other financial criteria and documentation, such as bank statements or business financials. This approach provides flexibility for self-employed individuals, who often face challenges qualifying for standard mortgages due to variable income streams.
| Stated Income (Insured/Insurable) |
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BFS Enhanced, Less Than 2 Years
The Business for Self (BFS) Enhanced Program provides mortgage financing solutions tailored towards individuals who have been self-employed for less than 2 years and have a more challenging time qualifying under traditional income verification methods. These guidelines ensure that self-employed Canadians have access to mortgage financing that accommodates their unique financial circumstances.
| BFS Enhanced, Less Than 2 Years |
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Rental
Purchasing a rental property as an investment can be a strategic financial move. Investors often look for properties in stable or growing markets with potential for appreciation over time. The Rental Program offers several key benefits for homeowners, while allowing qualified borrowers to purchase real estate to diversify their investment portfolio and create passive income.
| Rental |
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Healthcare Professional
| Healthcare Professional |
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Uninsurable (Conventional)
Strive’s uninsured mortgage is ideal for borrowers putting down 20% or more, purchasing a property valued over $1M, or looking to tap into the equity of their existing property. These loans don’t require mortgage insurance, presenting a lower overall risk to the lender.
| Uninsurable (Conventional) |
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New to Canada
Newcomers to Canada are an important and growing segment of Canada’s population, creating new market opportunities. The New to Canada Program is designed to help them secure mortgage financing even if they have limited Canadian credit history. These guidelines ensure that newcomers can access homeownership opportunities, facilitating their integration and financial stability in Canada.
| New to Canada |
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- Dedicated Business Development and Underwriting representatives
- Practical and transparent underwriting approach
- Options include five-year fixed-rate mortgages, short-term solutions for flexibility
- Tailored options for self-employed individuals and contract workers
- Adaptability to life or career transitions
- Streamlined transfer programs and dynamic home improvement initiatives available
- Flexible payment arrangements and prepayment options tailored to individual financial circumstances
Product Sheets
Jump to: General Guidelines | Self-Declared Income | Purchase Plus Improvements | New to Canada | Healthcare Professional [PDF] |
General Guidelines
Loan Purpose
| Purchase, Transfer/Switch |
Maximum Loan-to-Value (LTV)
| Insured | 95%, 1-2 units |
| Insurable | ≤ 80% |
Amortization
| Minimum | 5 years |
| Maximum | Insured / Insurable, 25 years |
| Minimum | 5 years |
| Maximum | Insured/Insurable, 25 years |
Loan Amount
| Minimum | $100,000 |
| Maximum Insured | 95% of the first $500,000 of property value and 90% of the property value beyond $500,000 Maximum property value < $1,000,000 |
| Insurable | 80% LTV Maximum property value < $1,000,000 |
| Minimum | $100,000 |
| Maximum
Insured |
95% of the first $500,000 of property value and 90% of the property value beyond $500,000 Maximum property value < $1,000,000 |
| Insurable | 80% LTV Maximum property value < $1,000,000 |
Terms
| Fixed Rate Mortgage, 1-5 years |
| Adjustable Rate Mortgage (ARM), 5 years |
| 6 Month Open (maturing mortgages only) |
| Rate Drop Policy | One-time rate drop may be requested during the Rate Hold period, subject to the request being received no later than 2 days prior to close. |
Rate Hold
| 120 Days | |
| Rate Drop Policy | One-time rate drop may be requested during the Rate Hold period, subject to the request being received no later than 2 days prior to close. |
Credit Requirements
| Insurable *Min. one applicant Beacon score <680 | |
| Loan To Value | Minimum Beacon Score (At least one applicant) |
| Up to 65% | 600 |
| 65.01-70% | 680 |
| 70.01-75% | 720 |
| 75.01-80% | 720 |
| Insured | Insurer may elect to order one at no cost to the borrower |
| Insurable | Not required if Automated Valuation Model (AVM) supported and subject property meets Strive’s underwriting guidelines
Should the value not be supported, an appraisal* will be required at the borrower’s expense |
Qualifying Rate
| Must qualify based on the greater of the contract rate plus (+) 2% or the Bank of Canada 5 year benchmark rate |
Payment Frequency
| Weekly, bi-weekly, semi-monthly, monthly |
| Accelerated option available for weekly and bi-weekly frequencies |
Prepayment Options
| Fixed Rate | 15/15 +Double-up |
| Adjustable Rate | 15 + Double-up |
Appraisal Requirements
| Insured | Insurer may elect to order one at no cost to the borrower |
| Insurable | Not required if Automated Valuation Model (AVM) supported and subject property meets Strive’s underwriting guidelines Should the value not be supported, an appraisal* will be required at the borrower’s expense |
Title Insurance
| Required for all mortgage transactions |
Prepayment Penalty
| Fixed Rate | Greater of 3 months interest or interest rate differential |
| Adjustable Rate | 3 months interest |
| Fixed Rate | Greater of 3 months interest or interest rate differential |
| Adjustable Rate | 3 months interest |
Features**
| Portable |
| Assumable |
* Appraisals may be ordered directly from a Strive approved appraiser or alternatively via Nationwide Appraisal Services (NAS)
** Subject to qualification at the time of request
Back To Top | General Guidelines | Self-Declared Income | Purchase Plus Improvements | New to Canada | Healthcare Professional [PDF] |
Self-Declared Income
Loan Purpose
| An ideal mortgage solution for self-employed borrowers who are unable to qualify via traditional income qualification requirements. |
| Purchase & Insured Transfer only. |
| Major Urban Centres | $750,000 |
| Rest of Canada** | $600,000 |
Maximum Loan-to-Value (LTV)
| 90% |
Maximum Loan Amount
| Major Urban Centres | $750,000 |
| Rest of Canada** | $600,000 |
Property Type
| Owner occupied residential, 1-2 units Property value < $1,000,000 |
| Mortgage Insurance Premium Table | ||
|---|---|---|
| Loan-to-Value | Purchase | Top-Up |
| 65.01% – 75% | 2.60% | 6.50% |
| 75.01% – 80% | 3.30% | 7.00% |
| 80.01% – 85% | 3.75% | 7.50% |
| 85.01% – 90% | 5.85% | 9.00% |
| Mortgage Insurance Premium Table | ||
|---|---|---|
| Loan-to-Value | Purchase | Top-Up |
| 65.01% – 75% | 2.60% | 6.50% |
| 75.01% – 80% | 3.30% | 7.00% |
| 80.01% – 85% | 3.75% | 7.50% |
| 85.01% – 90% | 5.85% | 9.00% |
Debt Servicing
| ≥ 680 Beacon score, GDS 39% | TDS 44% |
| < 680 Beacon score, GDS 35% | TDS 42% |
Down Payment
| Minimum 10% with at least 5% from borrower’s own resources Cannot be borrowed |
Appraisals
| Insured | Insurer may elect to order one at no cost to the borrower |
| Insurable | Not required if Automated Valuation Model (AVM) supported and subject property meets Strive’s underwriting guidelines Should the value not be supported, an appraisal* will be required at the borrower’s expense |
| Insured | Insurer may elect to order one at no cost to the borrower |
| Insurable | Not required if Automated Valuation Model (AVM) supported and subject property meets Strive’s underwriting guidelines
Should the value not be supported, an appraisal* will be required at the borrower’s expense |
Borrower Qualification
| Minimum 2 years self-employed |
| Minimum 2 years of established Canadian credit history |
| Canadian citizenship or Permanent Residency status required |
| No credit or mortgage delinquency in the past 12 months |
| No mortgage defaults in the past 7 years |
| No prior bankruptcy |
| All borrowers on application must live in the property |
| BFS commissioned not eligible |
Submission Requirements
| Line 15000 (150) from the most recent tax year’s NOA required at the time of application |
| The stated gross revenue of the borrower’s business |
| Type of business being owned and operated (e.g. landscaping, bookkeeping, etc.) |
| Number of employees (full-time, part-time, other) |
* Appraisals may be ordered directly from a Strive approved appraiser or alternatively via Nationwide Appraisal Services (NAS)
** Subject to qualification at the time of request
Back To Top | General Guidelines | Self-Declared Income | Purchase Plus Improvements | New to Canada | Healthcare Professional [PDF] |
Purchase Plus Improvements Program
Loan Purpose
| Include your improvement costs within your mortgage |
Maximum Loan-to-Value (LTV)
| 1-2 Unit Purchase | Maximum 95%* | |
| Purchase Price | ≤ $500,000; minimum 5% down payment required |
| Purchase Price | > $500,000 Minimum 5% down payment required on the initial $500,000 of the purchase price, plus an additional 10% down payment required on the portion of the purchase price in excess of $500,000 |
| 3-4 Unit Purchase | Maximum 90% LTV* | |
Property Type
| Owner occupied |
| Property value < $1,000,000 |
Down Payment
| Minimum of 5% required based on the ‘as improved’ value of the property |
Appraisals
| May be required upon request |
Documentation and Advance of Funds
| Borrower must provide a list of all improvements with quotes at the time of application. Any change of Contractor, quote, or improvements must be approved by Strive prior to start of work |
| Applicable building/development permits must be provided (where applicable) |
| Lending value is based on the lesser of the improved property value or the sum of the purchase price plus direct costs of the improvements. For insured and insurable files, the increase in the value of the property is up to 20% or $100,000.00* *Exceptions considered case by case, speak to your Strive representative. |
| The initial advance of funds will be up to 95% of the approved ‘as is’ value of the property less the cost of quoted improvements. Based on the scope of work and total cost of improvements, funds may be released in a 1 – 3 draws |
| In the case of more than one draw, the holdback conditions to each advance will be listed in the Mortgage Commitment |
| All work must be completed by a qualified Contractor |
| Balance of funds advanced are to be held in trust by the solicitor until completion of the approved improvements is confirmed via: |
| - An inspection report, or |
| - Confirmation from a certified appraiser, or |
| - An invoice from the contractor who completes the improvements |
| In addition to the above, confirmation that the contractor has been paid may also be required for the release of funds |
| The final advance of funds will occur only if the improvements have been completed in accordance with the quote/contract approved at the time of application |
* Maximum LTV is subject to adjustments based on local housing market conditions
Back To Top | General Guidelines | Self-Declared Income | Purchase Plus Improvements | New to Canada | Healthcare Professional [PDF] |
New to Canada
Loan Purpose
| To provide eligible newcomers with limited established Canadian credit history, the opportunity to purchase an owner-occupied home with as little as 5% down |
Maximum Loan-to-Value (LTV)
| 1-2 Unit Purchase | Maximum 95%* | |
| Purchase Price | ≤ $500,000; minimum 5% down payment required |
| Purchase Price | > $500,000 Minimum 5% down payment required on the initial $500,000 of the purchase price, plus an additional 10% down payment required on the portion of the purchase price in excess of $500,000 |
| 3-4 Unit Purchase | Maximum 90% LTV* | |
Credit Requirements
| 90.01% – 95% LTV | |
| Option 1 | International credit bureau |
| Option 2 | 12 months rental payment history, confirmed via letter from the borrower’s landlord and supported by 12 months of bank statements confirming rental payments; AND At least one utility payment confirmed via letter from the service provider or 12 months of bill statements confirming regular payments** |
| 90% or less LTV | |
| Option 1 | 6 months verifiable bank statements from a recognized Canadian financial institution or from a financial institution of the country of origin |
| Option 2 | A letter of reference from the borrower’s financial institution of the country of origin confirming a minimum of 6 months satisfactory banking relationship |
| Option 3 | International credit bureau |
Borrower Qualification
| Must have immigrated to Canada within the last 5 years |
| Downpayment can be gifted, no borrowed downpayment permitted |
| Borrower required to have either: |
| - Permanent resident status/landed immigrant status; or |
| - Valid work permit |
| Minimum 3 months of full time employment in Canada (professional employee relocation exempt from this requirement) |
| Clients must meet requirements of the Prohibition on the Purchase of Residential Property by Non-Canadians Act |
| No mortgage delinquencies, previous bankruptcies or foreclosures |
| All debts held outside of Canada must be included in qualification ratios |
| Foreign rental income may not be used in qualification ratios |
| Maximum debt service ratios: GDS 39% | TDS 44% |
| Applicable Mortgage Insurance Premiums | ||
|---|---|---|
| Loan-to-Value Ratio | Single Premium | Top-Up Premium |
| ≤ 65% | 0.60% | 0.60% |
| 65.01%–75% | 1.70% | 5.90% |
| 75.01%–80% | 2.40% | 6.05% |
| 80.01%–85% | 2.80% | 6.20% |
| 85.01%–90% | 3.10% | 6.25% |
| 90.01%–95% | 4.00% | 6.30% |
* Maximum LTV is subject to adjustments based on local housing market conditions
** All forms of alternative credit confirmation used to qualify must have been established in Canada
Back To Top | General Guidelines | Self-Declared Income | Purchase Plus Improvements | New to Canada | Healthcare Professional [PDF] |
Healthcare Professional [ PDF ]
Loan Purpose
| Strive’s Healthcare Professional program is designed to support mortgage qualification for new practitioners who have not yet established a history of earnings in their respective field. |
| Eligibility practitioners include: Physicians, veterinarians, and dentists that are currently completing studies/internship/residency; and individuals who have graduated in the last 24 months. |
Product – Insured Only
| Purchases & Transfers |
| Owner-occupied residence only, 1-2 unit |
Ineligible Products
| New to Canada |
| First-Time Home Buyer Incentives |
Maximum Loan-to-Value (LTV)
| 90% |
|---|
Amortization
| Maximum | 25 years |
Mortgage Amount
| Major Centres | Maximum mortgage not to exceed $750,000 |
| Rural Centres | Maximum mortgage not to exceed $500,000 |
Exceptions may be considered.
Down Payment
| Minimum | 10% |
| Can come from savings, gift, or borrowed funds | |
Credit Requirements
| Minimum 700 Beacon score for all applicants |
| Credit profiles should reflect a minimum of two trades for greater than 24 months |
Qualifying Rate
| Must qualify based on the greater of the contract rate plus (+) 2% or the Bank of Canada 5 year benchmark rate |
| Standard GDS/TDS requirements must be met |
Qualifying Income**
| First and Second year residents/fellows | $180,000/year |
| Third year or greater | $215,000.00/year |
| Medical Specialties | $275,000/year |
| Dentist | $185,000/year |
| Veterinarian | $180,000/year |
Document Requirements
| Standard income documentation required per guidelines to support a borrower’s actual income |
| Confirmation of current income I.e. contract, business license, deposits from Provincial Health Authority into account |
| Confirmation of registration, enrollment/completion |
| Applicable Mortgage Insurance Premiums | |
|---|---|
| Loan-to-Value Ratio | Premium |
| 80.01%–85% | 3.10% |
| 85.01%–90% | 4.10% |
| Borrowed Downpayments | |
| 80.01%–85% | 3.50% |
| 85.01%–90% | 4.60% |
**Projected incomes outlined are established annually based on available industry data. These income projections are subject to change at any time by Strive. The above income guideline may be used only where the applicant’s current income is less than the projected amount. Standard underwriting guidelines along with Insurer approval must be obtained to support the application.
New to Canada
Loan Purpose
To provide eligible newcomers with limited established Canadian credit history, the opportunity to purchase an owner-occupied home with as little as 5% down.
Maximum Loan-to-Value (LTV)
| Purchase Price | ≤ $500,000; minimum 5% down payment required |
| Purchase Price | > $500,000 Minimum 5% down payment required on the initial $500,000 of the purchase price, plus an additional 10% down payment required on the portion of the purchase price in excess of $500,000 |
Credit Requirements
90.01% – 95% LTV
| Option 1 | International credit bureau |
| Option 2 | 12 months rental payment history, confirmed via letter from the borrower’s landlord and supported by 12 months of bank statements confirming rental payments; AND
At least one utility payment confirmed via letter from the service provider or 12 months of bill statements confirming regular payments* |
Borrower Qualification
Must have immigrated to Canada within the last 5 years
Minimum 5% of down payment must be from borrower’s own resources; remainder may be gifted from an immediate family member or from a
corporate subsidy
No borrowed down payment permitted
Borrower required to have either:
Permanent resident status/landed immigrant status; OR
Valid work permit.
Minimum 3 months of full time employment in
Canada (professional employee relocation exempt from this requirement)
No mortgage delinquencies, previous bankruptcies or foreclosures
All debts held outside of Canada must be included in qualification ratios
Foreign rental income may not be used in qualification ratios
Maximum debt service ratios: GDS 39% | TDS 44%
| Applicable Mortgage Insurance Premiums | ||
|---|---|---|
| Loan-to-Value Ratio |
Single Premium |
Top-Up Premium |
| ≤ 65% | 0.60% | 0.60% |
| 65.01%–75% | 1.70% | 5.90% |
| 75.01%–80% | 2.40% | 6.05% |
| 80.01%–85% | 2.80% | 6.20% |
| 85.01%–90% | 3.10% | 6.25% |
| 90.01%–95% | 4.00% | 6.30% |
* All forms of alternative credit confirmation used to qualify must have been established in Canada
Self-Declared Income
Loan Purpose
An ideal mortgage solution for self-employed borrowers who are unable to qualify via traditional income qualification requirements. Purchase & Insured Transfer only.
Maximum Loan-to-Value (LTV)
90%
Maximum Loan Amount
| Major Urban Centres | $750,000 |
| Rest of Canada** | $600,000 |
Property Type
Owner occupied residential, 1-2 units
Property value < $1,000,000
| Mortgage Insurance Premium Table | ||
|---|---|---|
| Loan-to-Value | Purchase | Top-Up |
| 65.01% – 75% | 2.60% | 6.50% |
| 75.01% – 80% | 3.30% | 7.00% |
| 80.01% – 85% | 3.75% | 7.50% |
| 85.01% – 90% | 5.85% | 9.00% |
Debt Servicing
≥ 680 Beacon score, GDS 39% | TDS 44%
< 680 Beacon score, GDS 35% | TDS 42%
Down Payment
Minimum 10% with at least 5% from borrower’s own resources
Cannot be borrowed
Appraisals
| Insured | Insurer may elect to order one at no cost to the borrower |
| Insurable | Not required if Automated Valuation Model (AVM) supported and subject property meets Strive’s underwriting guidelines
Should the value not be supported, an appraisal* will be required at the borrower’s expense |
Borrower Qualification
Minimum 2 years self-employed
Minimum 2 years of established Canadian credit history
Canadian citizenship or Permanent Residency status required
No credit or mortgage delinquency in the past 12 months
No mortgage defaults in the past 7 years
No prior bankruptcy
All borrowers on application must live in the property
Submission Requirements
Line 15000 (150) from the most recent tax year’s NOA required at the time of application
The stated gross revenue of the borrower’s business
Type of business being owned and operated (e.g. landscaping, bookkeeping, etc.)
Number of employees (full-time, part-time, other)
The ownership structure (e.g., sole proprietor, partnership, corporation) and the percentage of ownership
* Appraisals may be ordered directly from a Strive approved appraiser or alternatively via Nationwide Appraisal Services (NAS)
** Subject to qualification at the time of request
Purchase Plus Improvements Program
Loan Purpose
Include your improvement costs within your mortgage.
Maximum Loan-to-Value (LTV)
Maximum Loan-to-Value (LTV)
Documentation and Advance of Funds
Borrower must provide a list of all improvements with quotes at the time of application. Any change of Contractor, quote, or improvements must be approved by Strive prior to start of work.
Applicable building/development permits must be provided (where applicable)
Lending value is based on the lesser of the improved property value or the sum of the purchase price plus direct costs of the
improvements. For insured and insurable files, the increase in the value of the property is up to 20% or $100,000.00
The initial advance of funds will be up to 95% of the approved ‘as is’ value of the property less the cost of quoted improvements. Based on the scope of work and total cost of improvements, funds may be released in a 1 – 3 draws
In the case of more than one draw the holdback, conditions to each advance will be listed in the Mortgage Commitment
All work must be completed by a qualified Contractor
Balance of funds advanced are to be held in trust by the solicitor until completion of the approved improvements is confirmed via:
An inspection report,
or Confirmation from a certified appraiser, or
An invoice from the contractor who completes the improvements
In addition to the above, confirmation that the contractor has been paid may also be required for the release of funds
The final advance of funds will occur only if the improvements have been completed in accordance with the quote/contract approved at the time of application
* Maximum LTV is subject to adjustments based on local housing market conditions
