you most likely will not be approved with a 560 score, only if your bad credit is due to medical lates, those are explainable & a lot of ppl have them, you could qualify for FHA with a score of 550..Limit inquiries on your credit, your score goes down a couple points every time.See if your lender, actually ask a large bank in Canada if they can recommend to you a credit repair company, you need some help, starting out with such low scores. They really can help you get your score up to where it needs to be.If you had a bunch of collections or still do, that aren't medical, you will need at least a score of 620 to get financing.
I'm a mortgage broker from Edmonton, I work exstensively with clients who have had credit issues in the past. When you said that your broker told you that you needed a beacon score of 560 he's correct and you can get 100% financing but you will have a high interest rate in the low double digits. How this lender works is they only look back for the last 2yrs of derogatory payments. So check your bureau and look when most of the the derrogs will fall off. This is what they look at per file:3 - R3's in the last 2yrs3 - I2's in the last 2yrs2 - R4 - R9's or I3 - I9's in the last 2yrsSo look at your bureau and when you only have these then you can qualify fo 100% financing. If you have any questions feel free to contact me @ _http://Albertamortgageguy.com