We Can Do It
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Serving Perth & Oxford Counties

Zero-Down Mortgages

Update: as of June 30, 2015 no lender is allowed to provide cashback for your downpayment.  I do however have some lenders still offering flex down products.

How Does It Work?

Flex down is a lender’s allowance to borrow your downpayment from a loan or line of credit.  You must still qualify including that payment in your debt ratios.  If it is an unsecured line of credit, lenders count 3% of the balance regardless if you are paying principal and interest or just interest only.

I have access to personal loans for clients with great credit if you are unable to obtain one.

Another product to consider if you are a first time homebuyer is an RRSP loan.  You have the tax benefits the first year and the loan would be easier to obtain.

 

Please note with any alternative products, the CMHC fees are higher which is something to consider!


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