Zero Down Payment Mortgage Edmonton
If you have zero down payment saved you can still obtain a mortgage and buy a home. There is confusion in the market due to recent changes in Federal legislation eliminating bank cash back mortgages for zero down payment, but enhanced Zero Down/Flexible Down Payment mortgage programs still exist. Bank and branch staff may say they don't exist - but they are incorrect!
These mortgage programs allow a first or multiple time homebuyer to purchase a home and own it outright with a standard mortgage at today prices. Prospective home buyers no longer have to sit, wait and watch home prices in Edmonton climb higher. We have the affordable solution for owning a home sooner than expected.
Zero Down Payment Saved - CMHC Non-Traditional
Incredibly affordable, under this program you receive a fully discounted rate and it's often below what the bank branch's rate offer. The additional cost of this program through CMHC amounts to $250 per $100,000 borrowed, this is charged once, and appied to the balance of the mortgage. The mortgages are 100% safe as they are backed by the federal government and available on existing homes across Edmonton.
Benefits of owning today
While owning your own home today and not paying rent (and your landlords mortgage) is the most obvious benefit. The not so obvious benefit is not having to wait and watch home prices increase.
It can take the average person in Edmonton two to four years to save up the 5% down payment. During that time home values can increase, sometimes substantially. Here's a comparison on the cost of waiting and the cost of the Zero Down Payment Mortgage in Edmonton.
Wait and Save
- - Target Purchase Price: $300,000
- - 5% Down Payment: $15,000
- - Save $625 per month for 2 years
- - Home Price increase 3% per year
- - Value of home at end of the two year savings: $318,000
Zero Down Now
- - Target Purchase Price: $300,000
- - Own now with Flex Down
- - Interest on down payment over 2 years: $1800 approximately* OAC
- - CMHC Flex Down Cost: $600