* Effective October 15, 2008, the government has eliminated all traditional 100% financing programs. If you do not have the required 5% down payment, however, there are still options available to you.
Option 1 - Cashback Mortgage
- Lender provides you with the 5% necessary down payment
- Interest rate is slightly higher than "A" rates to compensate for the cashback downpayment
Option 2 - Borrowed Downpayment
- Downpayment can be gifted or borrowed
Requirements
- Good credit
- Stable employment
- Enough funds to cover closing costs
Benefits
- Pay yourself instead of your landlord
- Lower your monthly payments with extended amortization periods
- Homes that were previously unattainable are now affordable
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