Flex Down Payment Mortgage

A mortgage solution to help clients buy sooner without a saved down payment. The client can borrow the 5% down payment from own resources such as line of credit, credit card, personal loan. The payback amount of borrowed funds will be factored into the client qualification process.

Applicants can borrow the required down payment from a line of credit, credit card, bank loan or other personal loan source. the payment on borrowed funds to be included in the TDS.

Eligible Properties

Detached residential houses
Town home style condos
House on acreage up to a maximum 5 acres and no out buildings
Only owner occupied properties (no rental properties or second homes)

Amortization Options

Maximum 30 year amortization period for all Flex Down Payment mortgages

Borrower Qualification

Minimum credit score of 650
Must have 1-1.5% of purchase price in bank account to show lender closing cost

Target Client

Despite having good credit, have not been able to save up the required down payment.

The CMHC and Genworth premium for this product is 2.90% on a 25 year amortization and a 3.10% premium for a 30 year amortization period.

The 5 year closed term is available for this product.

A minimum credit score requirement will apply.