Zero Down Payment Mortgages
zero down payment
In 2006 the Canada Mortgage and Housing Corporation and the Government of Canada introduced 100% financing to the Canadian market place allowing consumers to obtain home financing at the lowest rates with little to no down payment.
In 2008 due to several factors including the subprime crash in the USA and declining house values in parts of Canada, they reversed that decision and eliminated the 100% financing.
What most Canadian’s don’t know is that even before 2006, and still after the 2008 decision, there are mortgages which allow you to purchase a home with little or no money down! They are called CashBack or FlexDown mortgages.
The genius behind these mortgage products is that while you only finance 95% of the house – the 5% down payment is provided to you by your lending institution. Slightly higher rates apply for the first 5 years, allowing you to “pay back” the down payment you were given. After 5 years you have paid off 5% of your home, and can renew into our best rates!
No need to spend years paying rent while you save that down payment. On approved credit, you can still purchase your home with no downpayment! Call us today or apply online.
