Flexible Down Payment Options – If this is your first mortgage and you have a small down payment of 5%, a Flexible Down Payment allows you to purchase a home if you can’t come up with more than 5%. Be aware most brokers or banks will look for an excellent credit rating and work history, so make sure you know what to expect. A mortgage broker will be able to answer all your questions regarding Flex Down Payment Options
Cash Back Mortgage – A good option for the first time homebuyer that is looking for some cash to make renovations, pay closing costs or even in some cases, buy furniture, but lack the funds as all available cash is going towards your down payment. Cash back gets you a percentage of your mortgage right away so you have funds available to use as required. Please be aware that in exchange, you may have a higher interest rate and some restrictions may apply, so speak with your Mortgage Broker or Bank regarding various options available to you and what the pros and cons are for this option.
Zero Down Mortgage? Zero down is a thing of the past as 100% financing is no longer available, but in very few cases it may be possible to borrow from family, use your power line or line of credit or borrow from a financial institution. Please note these are not typical and you need to speak to a mortgage professional about all the options available to you.