Down Payment Mortgage Options
Have good credit and income but no down payment? I have a mortgage option that requires no down payment to be saved from your own resources… PLUS it is available at the lowest rates available!
Have you always dreamed of owning your own home? You’ve got a good job, but you just don’t seem able to save up the required down payment? If this sounds like your situation, I have a number of options. I’ve helped people just like you!
If you have good credit, you may be eligible for a zero down mortgage.
Flex Down Mortgage
With the Flex Down mortgage, the down payment is borrowed from a source not tied directly to the sale or purchase of the property such as a line of credit, a credit card, or a personal loan. The borrowers eligibility is based on their ability to make monthly payments of this additional loan as well as their mortgage. An advantage of this type of mortgage is that the borrower qualifies for the fully discounted interest rates.
If you are a first time home buyer you are eligible to withdraw up to $25,000 tax free from your RRSPs to use towards the down payment on your home. You have up to 15 years to pay it back to your RRSP plan. It is a great and faster way to get into your first home
Money from your Family
Gifted down payments from an immediate relative can be used for a down payment provided there is no requirement that the money be paid back. The person providing the gifted money will be required to sign a gift letter confirming that the money does not have to be repaid.
If you would like to learn more about the option of a No Money Down Mortgage, contact me today.