Borrowed Down Payment
Many prospective home buyers felt as though they missed the boat when the zero down mortgage in Regina was eliminated by the federal government; saving a down payment can be very difficult today with the high cost of living. The good news is there is still an option available to buy a home in Regina with none of your own money.
Our borrowed down payment here in Regina is a great option for first time buyers trying to get their foot into the market; it works a little differently than the true zero down mortgage in Regina but accomplishes the same goal; getting into a home sooner. You can get an RRSP loan, an unsecured loan or a line of credit to use for your down payment; it just needs to be separate from the mortgage itself and we need to factor it into your debt ratios. You just need to have clean credit, steady employment, enough savings for your closing costs, and of course access to the 5% down payment.
If this sounds confusing, call one of our Regina mortgage brokers today and we will explain it to you and discuss whether this mortgage option in Regina could a good one for your situation.