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6 Apr

No Down Payment? We Have A Mortgage For That!

General

Posted by: Angela Calla

One of the toughest challenges for homebuyers is being able to save money at the rate of property price increases.

We know many high-income renters would like to be homeowners, but they’re just unaware of how to make the transition and are unable to save fast enough.

There are several options which are great for a down payment if you can use a combination or one of the traditional methods:
1. Savings
2. Gift from parents
3. RRSPs
4. Selling an asset
5. Inheritance

The B.C. government recently removed the equity partnership program, but there still is a remaining option.

Kindly keep in mind this option won’t be for everyone as the following criteria must be met; it’s simply to illustrate the opportunity to go from renter to owner as soon as possible.

The Flexible Down Payment program allows homebuyers to use existing credit facilities as their down payment.

DETAILS:
Minimum household income required is $200,000 combined
• Minimum 650+ beacon score
• Minimum 2 years history reporting on Credit Bureau
• Sources of down payment: line of credit, credit card, personal Loan
• Include borrowed down payment in the debt servicing of the deal. Example: Unsecured LOC at 3%, Credit Card at 3%, store brand Credit Card at 5%, Personal Loan at actual payments.
• No late payments in the past 36 months
• High Ratio Deals only: 90.01-95% LTV
• 25 year amortization
• Strong Employment History
• No previous bankruptcy or consumer proposal

We can walk you through the details, contact us today!

Angela Calla has been a licensed mortgage broker for 14 years. She has been with Dominion Lending Centres since its inception in January 2006. Residing in Port Moody, British Columbia, Angela is a regular expert guest on several news stations, television shows, radio programs and local and national publications. She was the AMP of the year in 2009, and has consistently been one of DLC and the industry’s top performers since 2006. She can be reached at callateam@dominionlending.ca or 604-802-3983.