Is there such a thing as a No Down Payment Mortgage when buying Homes?
There is now a product available from major lenders that allow you to purchase a house with no down payment. In most cases they advance you the down-payment and it is added to the mortgage. Mortgage rates for these types of services are generally higher than a normal mortgage. There are also lenders that will give you up to 5.2% cash-back on the closing. This however is not free money and is either given as a loan or simply added to the mortgage. The Canadian Housing and Mortgage Corporation also now allows buyers to finance 100% of the purchase price for those who qualify.
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Lu and Stefan Hyross