It is the dream of every Canadian to step into their first home. You can move one step closer to achieving this dream when you take advantage of our first time home buyers mortgage program. With just a token amount as your down payment, usually 5% of the total valuation of the home; you can move into your dream home with ease.
Eligibility for our first time home buyers mortgage program is quite easy. While lenders are strict with documentation and verification, we do not believe in overwhelming first time home buyers with too much paperwork in order to encourage them and dissuade any previous misconceptions about home ownership. To this end, we require all applicants to meet the following basic criteria for their eligibility for the first time home buyers mortgage program
- A valid identification.
- Stable employment and income status.
- Cash Back Mortgages available
- A good credit bureau score, with a minimum score of 650.
- Min of 5% down payment from the private resources of the applicant. Personal savings or RSP. Other down payment options are available.
Apart from meeting these requirements, all applicants would normally be assessed and qualified on an individual basis.
Once you qualify for the first time home buyers mortgage program you can start your search for a property that meet your requirements.
Down payments for a mortgage can come from any of the following sources of funding;
- Personal income and savings.
- The proceeds from the sale of personal property items.
- Money obtained from family members and friends as non-repayable gifts.
Once you have made your down payment for the first time home buyers mortgage program you will have one foot in the door of your first home.
Contact us today for more information on the first time home buyers mortgage program.