Have you always dreamed of owning your own home? You’ve got a good job, but you just don’t seem able to save up the required down payment.
If you are interest in purchasing a home but don’t have a down payment, there are other options you can explore. At Best Mortgages Vancouver we’ve helped people just like you! to have a Best Mortgages Vancouver Specialists call you to discuss which options work for you
Click here or call us at 604-961-2400.
Zero Money Down mortgages
If you have a good credit rating, you may be eligible for a zero money down mortgage. For some of these programs there are some specific criteria including a fix mortgage rate and limits on the length of the term (e.g. from three to 10 years). Your mortgage specialist can provide you with more information about other requirements.
There are four types of zero money down mortgages available:
- money is borrowed from a source not tied directly to the sale or purchase of the property such as a line of credit, a credit card, or a personal loan
- the borrower’s eligibility is based on their ability to make monthly payments of their line of credit, as well as their mortgage
- an advantage of this type of mortgage is that the borrowers qualifies for fully discounted interest rates
Help from your family
Gifted down payments from an immediate relative can be used for a down payment provided there are no terms of repayment for the monies. The person providing the gifted money will be required to sign a gift letter confirming that these monies do not have to be repaid.