How does a No Down Payment Mortgage Work?

100% Financing for home purchases is a new product offered in Canada.  It is perfect option for the person who would like to buy a home but are unable to come up with the down payment.  If you purchase a condo for less than $200,000 you may find that home ownership costs about the same as renting.  Where can I buy for less than $200,000?  In the South Surrey/White Rock area a quick MLS search yields many older apartments that need a little TLC for less than $200,000.

No money down mortgages are offered through Genworth financial and you will pay a slight premium for the benifit of not having to put any money down but that small increase in premium will pay off in the long run through the benefits of home ownership.

Genworth does require that the homebuyer have good credit and job stability.  A beacon score of 680 or higher is required.

If you have any questions regarding the no down payment option please give Brent Irving a call at 604-764-6336.