When you don't have savings for down payment you may still be able to purchase
Purchasing a piece of property to call it your own seems like a dream that keeps getting farther and farther away for many folks. With high demand and tight supply continuing to have a choke-hold on today’s sky high prices, resulting in often multiple bids for one property many are coming up short on having access to adequate down payment, even if they qualify for the purchase amount.
This is where the little known but long time Insurer backed Flexible Down Payment Program comes to lend a hand.
It is a program targeted at those borrower who have a strong established credit and provable income to help them qualify but may be missing part or all of the minimum 5% down payment they need as required by Government rules.
Below are some of the highlights of this program
- Borrow some or all of the minimum down payment from any source that is arms length to the purchase transaction. This may include personal loans, lines of credit, or lender credit.
- Any grants or gifts from any party that is arms length to the transaction.
- Borrowers will have access to the best mortgage products and rates that are available in the market at the time
- Borrowers do not need to have more documents than a standard mortgage approval requirement dictates to satisfy approval conditions
We have been assisting borrowers under this program, used as a combination with money they have from own sources, or on occasions where they do not have any amount saved.
Feel free to reach out and discuss your situation so we may see if this can be a suitable solution for you to get your foot in the housing market.