Mortgage with SSHRC, and OGS or other T4A income

[nto77]

Hi! I hold a 2 year SSHRC that pays me well in T4A income. Along with T4 income and my wife's income our household income is large enough for a mortgage. However, I'm aware that most banks etc aren't familiar with SSHRC or guaranteed funding. 

Have any Canadian grads had success obtaining a mortgage that takes into account SSHRC or other T4A scholarship income? 

Thanks in advance! 

[msfinley]

Not quite the same, but a few years ago my husband was on a work visa so he needed me to co-sign for a credit card. At that time I had MA SSHRC as my sole income. They asked me to bring in my funding letter and that was good enough. If you have tax slips showing the money you've received from a scholarship that would probably be even better. For what it's worth, that was with RBC, so YMMV.

[Andersonppc]

Nto77 Did you have any luck obtaining a mortgage with your SSHRC? I am DESPERATELY wanting to make a purchase. I however am Single and don't have another income to consider. I have a small downpayment and would like to purchase a condo BEFORE my massive student loans become due. Last summer I approached the credit union and they said they could NOT consider the SSHRC as income even though it is guaranteed money for 3 years. Really interested to hear how things worked out for you and family. Please if you could share an update/advice I would really appreciate it. 

 

[Executive-D]

For mortgages there are strict stress tests in Canada as you probably know @Andersonppc. I remember a mortgage broker saying scholarship income wouldn't be counted by most lenders because it is tax-free. Would be interesting to hear if anyone got a mortgage based on their SSHRC or other scholarship income.

[adepaola21]

I actually got a mortgage with my partner who works full-time this past year. I initially believed the same as you - but they declared that my SSHRC and OGS were not considered income. I was able to use my part-time job (I worked a lot before getting the house so they could see I was on the incline with my income) and TA income. Obviously without the ability to use an external scholarship, the approved mortgage is lower, but we found something that was good for us! Good luck!

[PsychBoy]

Banks don't consider scholarships for a mortgage! Even a Vanier CGS!