Zero Down Vancouver Island
What Is the Zero-Down Home Ownership Program?
In brief:- We will loan you your downpayment
- The loan is registered as a second mortgage or promissory note
- You cover the closing costs
- Flexible terms at a reasonable interest rate
The Zero-Down is a program for people who have good credit and income but have little or no down payment. In a case such as this, the down payment can be loaned and registered as a second mortgage.
Zero-Down also helps people who have a down payment that is not big enough to avoid paying Canada Mortgage and Housing Corporation fees. CMHC provides mortgage insurance, and if the down payment is too small CMHC requires a security fee in order to insure the mortgage. This fee can be from tens of thousands of dollars.
Good Credit IS Required.
If you are unsure what your credit score is, you can find out for a nominal fee, or contact us, and we will put you in touch with one of our recommended mortgage brokers for free. Little to NO Down Payment Required.
With the Vendor Hold Back you do need to have enough money to cover closing costs. And although having money to put in the deal is very helpful, it is not necessary as long as your credit and income are strong enough to carry you.
Worthy Real Estate Investments holds the second mortgage covering the remainder of the loan and so you avoid paying the CMHC fees of thousands of dollars.
If you think this is for you, please fill out our Zero Down Home Owner's Application Form