Zero Down Payment

Our Zero Down Payment Mortgage allows you to become a homeowner sooner rather than later. Our lender will advance 5% of the home’s purchase price to your solicitor upon funding, in addition to the mortgage proceeds.

Your mortgage insurance premium is only 2.90%, and the Zero Down Payment Mortgage also qualifies for our best rates.

Qualifying Properties:

- New (completed construction only) or existing homes
- Purchases, single advance only
- Owner-occupied single family homes or duplexes
- CMHC-insured single unit properties
- Genworth-insured single unit properties or duplexes

Qualifying Borrowers:

- Prospective borrowers must meet CMHC/Genworth lending and credit criteria
- Maximum of two borrowers on the mortgage
- Third-party borrowers and guarantors/co-borrowers who will not be residing in the property are not eligible
- Minimum credit beacon score of 680

Equity Requirements:

- Prospective borrowers must have a minimum of 1.5% of the purchase price available to them to cover closing costs (legal fees, land transfer tax, etc.).
- The funds should be available at the time the application is approved and cannot come from employer relocation/benefit programs, provincial grants, gifts, etc.

Exclusions:

- Fixed rate mortgage terms of less than 5 years
- Purchase-plus-improvements
- Construction loans which require multiple draws
- Properties which have three or more units
- Refinances or transfers
- Temporary residents and US residents
- Rental properties