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Q. My husband and I are looking to buy our first home, but we do not have a down payment. Our credit is great and our debt is manageable. Do we have any options for getting a mortgage?
A. Yes, you may qualify to get a mortgage, even if you do not have a cash down payment.
Generally, with Canadian Mortgage & Housing Corporation (CHMC), a 5% down payment is required. CMHC is an independent agent which allows banks or credit unions to issue mortgages with a lower down payment than conventional mortgages (20% down payment) through the consumer paying an insurance premium (which depends on the size of your mortgage and the current down payment you have, if any).
When looking at a loan application, it is industry standard to consider the 5 Cs – Capital, Capacity, Character, Conditions and Collateral. These represent things like your credit score, cash flow, and your money management skills.
At Synergy, we look at the overall picture and assess each loan on an individual basis so you may qualify for the exception of 0% down payment, depending on your circumstances. What we would offer you is a separate loan for the 5% down payment.
Visit our online consumer loan and mortgage calculators here to see what works for you! Then make an appointment with a loans officer or call us to see what the possibilities for your dream home are. We are here to help.
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