No Money Down Mortgage Financing

No money down mortgage financing is still available in Canada but it is not cheap. A no money down mortgage will often bear a much higher interest rate than a mortgage where a 5% down payment was made.

Here is how it works: No money down mortgages are almost always financed over a 5 year term and almost always bear a fixed mortgage rate. The lender provides you with a first mortgage of 95% of the value of your home and then essentially loans you your down payment. The 5% that they loan you is blended into your mortgage and the higher interest rate results in the down payment being repaid to the lender by the end of the 5 year mortgage term.

No money down mortgage financing is not easy to get. You must have excellent credit. To qualify for no money down mortgage financing you must:

  1. Have a minimum credit score of 680

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  2. Not have any history of credit problems in the past 5 years
  3. Be able to prove your income – if employed, through a paystub and job letter; if self-employed, through 2 years of tax assessments
  4. Be able to demonstrate that the new mortgage payment, including property taxes, condo fees if applicable and heating, will not exceed 32% of your gross income
  5. Be able to demonstrate that the new mortgage payment, including property taxes, condo fees if applicable and heating plus payments to loans and credit cards, will not exceed 42%
  6. Be able to demonstrate stability

No money down mortgage financing is advantageous if you need to purchase a home and don’t have a down payment. However, it does come with a big price tag so it is important to consider all options including raising a small down payment.