The
Flex Down Payment Mortgage has been
developed for homebuyers who have excellent credit history
(Score of 650 or greater) but have not accumulated the
required down payment. This product is available for
mortgage loans between 90.01% and 95% LTV inclusive.
The
client can obtain the down payment sources other than saving
it up. The Permitted sources are:
- Lender cash back incentives (less
than 5%) or loans
- Equity borrowed which can include personal loans,
lines of credit or credit cards
- Gifts or grants from any party that is arms length
to the property purchase or sale transaction
Sources that are not permitted include:
- Builder incentives or loans;
- Realtor or mortgage broker incentives or loans to
the borrower that impact the property-selling price
- Loans or gifts from the property vendor
Rent to own payments that are not in excess of the
current market rents
- Third parties that receive payment from the vendor
or builder
