Buying with as little as 0% Down
Don't have the usual 25% down
payment?
No worries — Increase your leverage with
a high ratio mortgage! This consumer -oriented program makes the
dream of home ownership a reality for more Canadians than ever
before.
 What
is it?
Who
is eligible?
How
it works?
What
else should you know?
What is it?
There are programs available for you to finance
up to 100% of the purchase price of your home. Please contact the
Gibbard Hoffart Financial Group for full details.
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Who is eligible?
Any qualified borrower who meets the lenders criteria
for income and credit may be eligible for these programs. You do
not need to be a first time buyer to qualify.
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How it works
Yes, there is a new mortgage
in Canada that will allow you to finance up to 100% of your new
home purchase. You can also use this mortgage product to refinance
up to 100% of your home’s value for renovations, debt consolidation,
etc.
-The mortgage is 100% of the appraised value of
the property
-You must have very clean credit history
-You must
have good job stability
Even without a down payment you can start
building equity right away!
To qualify, your
monthly payments for all obligations — shelter
costs plus loan, lease and credit card payments, plus alimony etc. — must
not exceed 40% of your gross pre -tax family income.
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What else should you know?
In general, the credit status of an applicant
must meet the lending criteria of the particular mortgage lender.
A Gibbard Hoffart Financial Group Consultant can help you meet the required criteria
and assist you with the entire mortgage process. Plus we deal with
many lenders and therefore have a greater chance of matching you
with a lender.
Also, while CMHC will qualify an ex-bankrupt
applicant for insurance two years after discharge with subsequent
re-established credit, many lenders' own rules over-ride this
feature, and they will decline the application.
On the other hand there are a number of lenders
who specialize in granting and administering mortgages to the full
extent of the National Housing Act at competitive interest rates.
For more information please feel free to visit:
CMHC – www.cmhc-schl.gc.ca
GE Capital – www.gemortgage.ca or
contact us at the Gibbard Hoffart Financial Group.
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