How to Buy a Home with Zero Down

Free Down Payment Mortgage is a program that will allow you to purchase that home without your own down payment. Clients who are currently paying large sums in rent and are having difficulty saving the down payment as a result, should consider this option to get into homeownership.

Here's how it works:

You must have an accepted agreement of Purchase and Sale for a property in Canada, to receive a formal approval. No pre-approvals are accepted for this product at this time by the lender. However, we can give you a verbal evaluation based on our knowledge of what the lender will accept. Call us with your circumstances and we will advise you as to your options.
You must have been employed for a minimum of one year in the same line of work, in the same industry. If you have less than one year at the same job but have been in the industry for longer, you will still qualify as long as you are not on probation with your current employer.
Only 5 and 7 year terms are available for this mortgage. The 5 year rate is the bank's posted rate. The 7 year term is offered with a .50 basis point discount. The application is qualified with these interest rates.
This mortgage is insured through GE Mortgage Insurance (GEMI). The premium is 3.40% and is added to the mortgage amount.
The applicant must have a good credit history.
No guarantors will be eligible to be part of the transaction. The applicants must be able to qualify for the purchase on their own.
Owner-occupied properties only apply.
Buyers must have closing costs equal to 1.5% of the purchase price. This money cannot be borrowed and must be from their own resources.
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