“Can I get a mortgage with no down payment?”
If you have good income and credit, you probably qualify to get a down payment loan. This is the closest you can get to a “No Money Down Mortgage” in Canada. [Realtors Click Here]
Fill out the brief survey to learn the pros and cons of all your home buying options, including down payment assistance. If you’ve been looking for a no down payment mortgage, this is the solution you’ve been waiting for.
You can’t actually buy a house with no money down in Canada at a Federally regulated bank – our program acts “like” a zero down mortgage, by lending you up to the full 5% down payment you need. We also help you get the cash to repay the loan as soon as you move into your new home.
How do I qualify?
I don't want to have a loan in addition to my mortgage! How do I avoid that?
If your DPL is from a private investor, you should repay it within a few days after moving into your home, as agreed. If your DPL is from a bank, you can accelerate your repayment if you want to. Most of our deals involve cash-back mortgages, which give you 2-5% of the home price after close – a perfect source of funds to repay your loan quickly.
Does the CMHC Forbid 100% Mortgage Financing?
We are helping you get the minimum 5% down payment you need, through referral to a bank loan or private lender, so that you get the 5% down payment in your bank account weeks prior to the mortgage start date, which banks require.
Most of our clients take advantage of our preferred lender’s (a top-5 bank) cash-back mortgage program to repay the down payment loan immediately.
What about the Cash-Back Mortgage programs from the big banks?
Why does my dumb brother-in-law say that people without a down payment shouldn't buy a house?
Who am I borrowing my down payment from? What's the interest rate?
What if my credit score and history aren't good enough to qualify for a mortgage?
Can I connect to you guys on Facebook or Google+ so that I can contact you in future?
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What does CMHC say about borrowing my down payment?
– borrowed funds,
– gifts from immediate family,
– 100% sweat equity,”
“Arm’s length” is a provision that prevents monkey business like the seller lending the down payment to the buyer, then overcharging the buyer for the house. When we arrange a DPL for you, it’ll be arm’s length.
Why didn't my realtor or mortgage broker tell me about down payment loans?
I don't like surprises. What other costs am I going to have, and when?
Important Annual Percent Rate Info:
We are not a lender. Your down payment lender may be SEPARATE from your mortgage lender, and can help you determine APR for your specific loan. If your down payment loan is from a private lender, it is intended to be repaid within 15 days of purchasing your home, likely using cash-back mortgage funds. If your down payment loan is from a top bank, it will likely be a 2-5 year loan. The APR of loans offered by a top bank may range from 5.5% to 14.5%. The APR on loans from private lenders may range between 40% & 59% (depending on lender and terms), inclusive of any late fees and the initial loan fee.
What Happens if You Can’t (or Don’t) Repay: If you do not pay your loan according to the loan terms, your lender may:
- Offer to renew, extend or refinance. Renewals may be automatic and may incur additional fees, charges and interest
- Charge you late fees
- Send your account to a collection agency
- Report your information to a credit bureau, which may negatively affect your credit score
Short-term loans are an expensive form of credit and should be used only for immediate financial needs. Customers with late payments or credit difficulties or beacon score under 650 will not qualify for a down payment loan, as they will not qualify for a cash-back mortgage. We are not a “Payday Loan Company”, as the loan is not intended to be repaid by your income, but rather by cash-back funds. Payday Loan Assoc. info and laws.