Scotiabank still offers mortgages to select Canadians that have not managed to save for a down payment. With the low housing costs in Calgary right now, there is no time to wait!
There are two ways to get into a home without saving for a down payment:
1. 5% Free Down Payment Program: 5 and 7 year fixed rates ONLY, based on the POSTED RATE - 5.45% (not discounted rate).
--- Qualifying Criteria Includes:
MUST have a credit score of 680+ - no derogatory credit
MUST have strong employment
Costs involved in obtaining this mortgage will be: legal fees and moving expenses
2. Scotia FLEX DOWN MORTGAGE - borrow your down payment from a line of credit or credit card, or personal relationship as long as the monthly payment for it can be debt serviced into your TDS (qualifying) ratios. Regular fully discounted interest rates are available.
--- Qualifying Criteria Includes:
MUST have a credit score of 650+ - no derogatory credit
MUST have strong employment
IF you would like to explore this exciting opportunity further, I can get you pre-approved in minutes and have you out searching for your new home the same day!
Call me today!
Nikki - 403.991.2198