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No Money Down Mortgage To Buy A Home

Hamilton mortgage brokers -- our lenders allow borrowed money for down payment


No money down mortgage - 100 mortgage financing to buy a home

100% financing lets you buy a home using borrowed money for down payment.jpgYou can borrow your down payment from a line of credit, loan, credit cards or friends.

No money down mortgage -- what does this mean for you?

You don't have to come up with down payment from your own pocket. You can borrow this money.

It is a flexible down payment mortgage program. If you have excellent credit and salaried income, we have a lender who allows home buyers (on approved credit) to use alternative sources of credit for down payment.

So, is there such a thing as 100 mortgage financing to buy a home ? Yes, our lender may allow you to use a line of credit, credit cards, RSP or any other loan. The 1.5% of purchase price for closing costs must come from your own pocket.

We do not arrange the borrowed down payment. The monthly payments for the portion you borrowed for your down payment will be calculated at 3% of the borrowed amount, same as credit cards, and this amount will be used for debt service calculations to qualify.

Let's look how this mortgage with low down payment worked for our client.

how much down payment do i need ? yes, you can borrow your down payment - ask me if you qualify

* 5% down mortgage minimum down payment Hamilton ON and throughout Ontario. Low down payment mortgage: Canadian Finance Minister Bill Morneau made the announcement that the minimum down payment for houses will increase effective Feb. 15, 2016. To see the full announcement, please watch the video by clicking here.

This will not affect current homeowners. But all new mortgages made after Feb. 15, 2016 will require a minimum down payment of 5% on the first $500,000, and an added 10% down payment on the amount over $500,000.

So a home costing $700,000 would require a $45,000 down payment - 5% on the first $500,000 and 10% on the remaining $200,000.

Jane gets her first home with a no money down mortgage - 100 mortgage financing.

Jane finished university 3 years ago and worked in retail until she could get a job matching her educational background. Eleven months ago she got a full time, salaried job as administrator for an insurance company. At the time of application, she had passed the three months probation period with her new employer and has good salaried income. In addition, there is future potential for her to earn performance bonuses.

She wanted to buy her own house instead of renting but has not saved enough money for a down payment. Jane went to her bank and was turned down for a mortgage on the basis that she did not have a down payment and has only been on her new job for little over 11 months. The banker told her to come back in a year to review her application.

Jane contacted Axcess Mortgage and Loans Financing Co. Ltd. through our website wanting to explore her options. After taking her application and going through her information we could see that with her good credit, she should qualify for a mortgage at * 95% of purchase price.

Jane confirmed that she was recently approved for a $10,000 unsecured line of credit and has a $10,000 RRSP loan. She is a first time home buyer so she can borrow this $10,000 from her RRSP to use for down payment for a home purchase. 

Client saved enough to cover closing costs and between the RRSP and the line of credit, she has access to up to $20,000 which can be used for down payment.  

Taking into account all of her monthly obligations including the RRSP loan, line of credit, a car loan and a small student loan, Jane's guaranteed income qualifies her for a home purchase of up to $350,000 - $400,000.

Using borrowed down payment, she qualified for a maximum $350,000 purchase with a $17,500 down payment.

Client borrowed $10,000 from her RRSP and $7,500 from her line of credit for the down payment - Under today's government rules, to qualify using credit cards or lines of credit we must calculate 3% of the balance to establish monthly payments. In Jane's case, $7,500 line of credit meant a $225 monthly payment calculation.

It only took her realtor two weeks to find the home of her dreams.

After the bank turned her down for a mortgage we got Jane an excellent CMHC insured mortgage at a low interest rate and she is now a proud homeowner. She bought her home with a no money down mortgage in Hamilton.

Contact me to assess your options. I will help!

Marie Copeland FSU - Hamilton Mortgages and Burlington Mortgage Brokers serving clients throughout Ontario

Call 905.308.8063, or

Banks and "A" Lenders pay us for your service. EXCEPT bad credit mortgages, some self employed mortgages, private mortgages or multi-use and commercial loans - broker fees are payable by clients. 

*Lenders change their products and interest rates without notice.

Tell others how to use borrowed money for down payment

A no money down mortgage will get you into the home of your dreams now. Ask us if you qualify. Share this information with family or friends using the convenient social media buttons provided.

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