CMHC, Sagen and Canada Guaranty all require documentation before crediting rental income: a City of Saskatoon permit, and often a lease, before that money offsets your housing costs under the standard 39 percent and 44 percent guidelines. Skip the paperwork and the lender qualifies you as if the rent does not exist.
A minimum credit score of 600 applies on an insured mortgage regardless of the property type, and a $400 to $600 home inspection should specifically confirm the suite meets code, since a lender's own conditions can unwind late in the process if it does not.
The financing works the same as any home purchase; it is the suite's paperwork that determines whether the rent actually counts. Get your hand-reviewed valuation from Joel Dyck.