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.