What are the eligibility criteria for clients participating in Requity Homes' program?

Requity Homes uses cash-flow-based underwriting to assess eligibility and determine your maximum home purchase budget.

Core Eligibility Requirements:

1. Household Income

Minimum income varies by city based on local housing costs:

$70,000 minimum income:

• Ontario: Sault Ste Marie, Thunder Bay
• Saskatchewan: Saskatoon, Regina
• Manitoba: Winnipeg, Brandon

$80,000 minimum income:

• Ontario: Sarnia, Sudbury, North Bay
• Alberta: Red Deer, Lethbridge, Grande Prairie

$90,000 minimum income:

• Alberta: Edmonton

$120,000 minimum income:

• Alberta: Calgary

Don't see your city? We're expanding to new communities, and may be available in your area. Contact us at hello@requityhomes.com or call 1-855-952-6492 to inquire about eligibility in your area.

Additional income considerations:

• You can add a co-applicant who will be living in the home
• Your exact requirement may be higher if you have significant existing debt
• We assess your total debt-to-income ratio during full approval

2. Credit Score & Debt Management

• Minimum credit score: 500 (for all applicants)
• No unpaid collections or debt in default - These must be paid off before starting the program
• Soft credit check during pre-qualification (won't impact your score)
• We review: credit score, total outstanding debt, and recent payment history

3. Bankruptcy & Consumer Proposal Status

• Must be fully discharged from bankruptcy or consumer proposal before applying

Why this matters: Most lenders require 2+ years post-discharge to approve mortgages. Since our program runs 1-3 years, starting post-discharge gives you the best chance of qualifying for traditional financing when you're ready to buy.

4. Down Payment

• Minimum 2% of home price required to start
• May require up to 10% depending on your risk profile
• Exact amount determined during full approval process
• Lower initial down payment = higher monthly savings component

5. Property Requirements

• Freehold single-family homes or townhouses
• Move-in ready condition
• Connected to municipal water and sewer
• Priced between $150,000 - $600,000
• Located in communities of 20,000+ residents

These criteria ensure:
‍✅ You can comfortably afford monthly payments
✅ You're on track to qualify for a traditional mortgage within 1-3 years
✅ You successfully build equity and credit throughout the program

Not sure if you qualify?

Get Pre-Qualified for Free →
5-minute application • No credit impact • Instant budget estimate

Questions? Contact us at info@requityhomes.com / 1-855-952-6492