Flex-Down mortgages provide a way for people to get into home ownership sooner by allowing them not to have to come up with a down payment on their own. With a flex-down mortgage you are allowed to apply for a secured line of credit or an unsecured line of credit for the purposes of using the money for the down-payment.
For this to work, you need to have the ability to borrow 5% of the purchase price. For example, if you purchase a house for $400,000 then you need to be able to borrow $20,000 for the down payment. In order to qualify. Also in order to qualify you need to be able to debt service the extra debt. So what that means in a lot of cases is that you have to include 3% of the balance of the loan as a debt.
For this product it is required you have really good credit and decent enough income to qualify.
Product Features
- Buy a house with no money down out of your savings
- Allows you access to home ownership sooner
- Wider range of sources of down payment permitted
- Competitive Interest Rates
- Available all over Alberta
Shawn
Mooney |Bayfield Mortgage Professionals Ltd.
Broker
of Record
Your Mortgage Broker for Life
Bus. # 403-945-8769
| Mobile # 403-828-1838
Email: mortgages@shawnmooney.com
Website: www.shawnmooney.com
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