| |
 |
|
|
|
|
|
|
| |
|
| |
The Free Down Payment Mortgage has been developed to assist
homebuyers who have established an excellent credit history but have not
accumulated the required down payment, or have chosen to use their savings for
other asset enhancing purposes. The bank will advance the funds for the mortgage
and the required 5% down to the solicitor on the closing date of the mortgage. |
|
|
|
|
|
Eligible
Properties:
-
New
(Completion Only) or existing properties
-
Purchase transactions, single advance only
-
Owner
occupied single family unit and duplexes
|
|
|
|
|
|
Borrower
Qualifications
-
Applicants must meet lender and insurer lending credit criteria
-
Maximum number of borrowers is 2
-
Third
party borrowers and guarantors are not eligible
|
|
|
Requirements
-
Borrowers must have 1.5% of the purchase price of their own
resources to cover closing costs.
-
Income
qualifying applicants only
-
Property must meet lender/insurer guidelines
|
|
|
|
|
|
|
