If you have established an excellent credit history but do not have the funds required for a down payment you may be eligible for the No Down Payment Mortgage. The no down payment mortgage is available for purchase transactions where customers are looking to finance 95% of their purchase price. The bank will advance the funds for the mortgage and the required 5% down to the solicitor on the closing date of the mortgage.

The bank provides the 5% down payment for the Borrower. Some fees apply

Another option for those buyers who have excellent credit history but have not accumulated the required down payment is the Flex Down Payment Mortgage.

The client can obtain the down payment through the following means:

100% mortgage financing is very similar to the Flex or Free Down Payment Mortgage. The major difference is the lender does not insure the mortgage with CMHC or Genworth Financial. This allows the lender more flexibility to approve mortgages up to the 100% value of the home.

This program is an alternative to buyers if they do not qualify for the Flex or Free Down Payment Mortgage.

If you work as a consultant, contract worker, or independent business owner your taxable income may not reflect your true income. And with 1 in 5 British Columbians being self employed lending institutions have developed a mortgage based on credit history and confirmation that you don’t have any outstanding taxes. With this new program independent business owners and consultants can now obtain financing up to 90% of the value of the property they are buying or refinancing.

Self employed borrowers now enjoy a new approach to income determination and verification through a simple 15% gross up of the total income (line 150) on their Canada Revenue Agency (CRA) , Notice of Assessment (NOA). Grossing up self employed income by an amount representative of self employed borrower’s eligible deductions puts self employed borrowers into a fast and streamlined application process similar to what salaried employees already enjoy. Self employed borrowers who have eligible deductions in excess of the 15% of their income, will have the option to provide financial statements and to add back specific eligible add backs, in lieu of the 15% gross up, to their income.

Have you found the vacation property that you dreamed of? Borrowers can now obtain 95% financing on vacation homes. Buyers can also use the equity in their principal residence for the purchase of this new vacation property. The rates available are well below bank posted rates with excellent repayment privileges.

Do you require a second home? If so, CMHC will now provide homeowner insurance for borrowers with more than one residential property. You can now buy a second home with as little as 5% from your own or borrowed source. The new home must be intended for occupancy at some point during the year by the borrower or a relative of the family. This second home can be any where in Canada.

Buyers can obtain a mortgage to purchase a home and the cost of any immediate renovations, or to refinance a home where funds are used to improve the property beyond the existing market value of the property.

The HBP is a program that allows you to withdraw up to $20,000 from your registered retirement savings plans (RRSPs) to buy or build a qualifying home. In this case the RRSP issuer will not withhold tax on these amounts. If you buy the qualifying home together with your spouse or common-law partner, or other individuals, each of you can withdraw up to $20,000.

Under the HBP, you have to repay all withdrawals to your RRSP’s within a period of no more than 15 years. Generally, you are required to repay an amount to your RRSP’s each year until you have repaid the amount withdrawn.

Are you moving to Canada from another country and want to purchase property in Canada? With new programs now available through CMHC or Genworth Financial you can qualify for mortgage financing with as little as 10% down.

Many Canadians cannot qualify with traditional lenders due to credit problems or unusual job history. Obtaining a second mortgage may be a viable solution. This extra cash can be used towards:

Many Canadians have a large amount of equity built up in their existing homes. There is a full range of mortgage options that are available enabling you to tap into this resource.

This extra cash can be used toward: