If you are currently looking for a home and either do not have enough saved for a downpayment or do not want to liquidate financial assets to use as a downpayment on a home, then we have great news for you.

The latest mortgage offering is the “Zero Downpayment Mortgage”. That’s right ZERO downpayment.

You may have owned a home before and are presently renting or you are a first time home buyer and need a way to break into the housing market. With this program you can realize the dream of owning your own home with zero downpayment.

Sounds like a great opportunity, doesn't it? Well, there are a few requirements that you should consider.

• This type of mortgage carries a higher insurance premium than a regular high-ratio mortgage (financing up to 95% of the property value), which is an added cost to you.

• You must have an excellent credit history.

• You must have verifiable and stable income and employment for at least the past 2 years.

• If you have had a past bankruptcy, it must be at least 2 years since being discharged. It is also important to have re-established your credit.

• The less money you put down on your home, the higher the carrying costs of your mortgage.

• Keep in mind that with any property purchase, you will be expected to have approximately 1.5% of the value of the property in cash to be able to pay for closing costs (ie. Lawyer fees, land transfer tax, etc.)

How do you know if a "zero" down payment mortgage is right for you? The best way to find out is to contact us and we'll help you identify which type of mortgage is right for you.