No Money Down Mortgage
“Yes, There Are Still Ways To Get a 100% Mortgage With No Money Down”
Despite all the mortgage rule changes over the last number of years there are still some mortgage financing programs out there that will allow you to get new mortgage without having any of your own cash as a down payment or some type of gift from your parents.
We have recently been successful working through some institutional mortgage programs that have found a way to work within the new mortgage rules and still provide a no down payment type option with in their product offering.
Now this is not going to be something that will work for anyone as you’re still going to have to have very good credit and you’ll have to be able to qualify for the debt servicing on a 5 year rate.
But if you do have strong income and credit then these types of programs could work for you.
Another thing to keep in mind is that the rates are going to be slightly higher than what you would be able to secure if you had 20% to put down, but they’re not than much higher and when you consider what you’re gaining in terms of getting a mortgage in place, the cost to benefit would certainly seem to make sense.
If this is something that you would be interested in then we would need you to give us a call so we could do a free initial assessment on the phone…or if you’d like to come into the office we could arrange a time that works for both of us. At this initial discussion stage we should be able to determine if you will be able to qualify for a 100% mortgage with no down payment.
If we are able to get an approval, most programs provide a 120 day rate hold so you will have some time to locate a new home or close on one you have already lined up.
To be clear, there is no guarantee that you will qualify for 100% financing, but it may be worth giving it s shot if you have the cash flow and credit to support an application.
The programs we are working through are with institutional lenders that are well established and well known in the market place.
These programs will also work for both first time home buyers and someone looking to acquire their next residential property.
Give us a call today so that we can go over your situation together and help you determine as quickly as possible if this is something that would work for your home financing requirements.
Alternatively, you can also send me an email through the contact form on this website with your financing requirements and I will make sure you get all your questions answered.