PRODUCT DESCRIPTION - This product allows you to borrow the down payment instead of waiting to save for it.
IDEAL CLIENT - For borrowers who want to own a home now, but have not yet saved the entire down payment. These buyers understand that buying now is worth it if they will be going through a career change or job transition in the near future that could cause further delays qualifying due to employment changes.
MAXIMUM LOAN-TO-VALUE - The maximum Loan-to-Value for this product is 95% on a purchase.
DOWN PAYMENT SOURCES - The down payment can come from alternative sources such as your Credit Card, Personal Line of Credit, Personal Loan, Loan from a friend or other lender.
SPECIAL CRITERIA - A minimum credit score of 680 is required for the main applicant, and must have a decent credit re-payment history. In addition to good credit, we need to factor in the repayment of the down payment borrowed and this needs to be verified. The same traditional Debt Servicing Ratio's apply for this product.
INCOME DOCUMENTS REQUIRED
If Salaried Employee:
If Hourly Employee:
View the entire Documents Required for all mortgage purchases.