Have you been turned down for a mortgage?
Have you been approved but don’t have the down payment?
Overcome The Down Payment Obstacles Of Getting A Mortgage
There are many forms of relief from the normal mortgage expenses of closing costs (usually about 1.5% of purchase price) and down payment (usually minimum 5% or 20%).
As of August 2013, RTO Partners now also has a lending pool to help with down payments.
Down payment techniques come from 4 main sources:
– the minds of creative real estate professionals
– Canada’s government
– the seller
– loans and family
Land transfer tax can be waived/refunded for first time buyers:
Here is a very brief article by our friend Rick Rose in Windsor, “The Art Of Buying A Home With No Money Down“.
Although a no money down mortgage (0% down payment) is no longer available directly through CMHC, there are still ways to obtain a CMHC insured mortgage with no money down, and there are ways to arrange for financial help from the seller or lender.
Here are some of the options available.
- 2% – 5% cash back component
- CMHC permits down payments to come from borrowed sources (credit cards, line of credit, family) provided that this is disclosed to the lender
We Also Assign You A Realtor To Work With …
Somebody We Are Familiar With, Our Lender
Is Familiar With, And Who Understands The
Creative Financing Strategies We Utilize
- A home buyer can borrow their down payment and obtain a 3% – 5% cash back mortgage. Once the home closes the buyer can pay off the borrowed money with the cash back.
5% cash back mortgages are available from several lenders (we know where to go to get these mortgages), which will usually carry a higher premium.
If you thought you could not qualify for a mortgage (or have been narrowly turned down by an agent already), please fill in this form and we’ll use every creative technique we know to both get you a mortgage AND alleviate the pain of closing costs and down payment.