No Down Payment Mortgages in Edmonton

If you have no down payment saved you can still get a mortgage and buy a home in Edmonton

Living in Edmonton isn’t always cheap, so purchasing your own home by saving up a 5% down payment can be very difficult. The good news is, there is a flexible down payment mortgage available to you even if you have no down payment saved.

It’s true! No down payment mortgages are still available. We are Edmonton’s leading experts in these types of mortgages and you can talk to us today to discover your options.

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How No Down Payment Mortgages work in Edmonton

A no down payment mortgage operates very much the same as a regular mortgage in Edmonton, including all the payment privileges and great rates. The main difference is the applicant’s two additional requirements, which are a substantial income and great credit score.

Where does the no down payment come from?

The 5% down payment is borrowed from a separate source, which is why these two requirements are necessary. This source may be a loan or line of credit we help you set up, or perhaps you already have a line of credit available. Traditionally, only non-borrowed sources are allowed to provide the down payment, but you can qualify for this flexible down payment program provided by CMHC if you provide proof of a sufficient income and credit score.

The main benefit of a no down payment mortgage is the years you will save living in a rented house while you try to save up a 5% down payment. This can be by far the most challenging aspect of buying a home in Edmonton, which on average cost $373,174 in 2016. The drawback of the flexible down payment mortgage program is the two costs associated with it. Firstly, a somewhat higher mortgage interest rate is charged, which is usually cheaper than your local bank branch’s rates, and secondly, there is an additional interest fee on the borrowed amount. However, we are confident that after weighing it all out, most people will conclude that the benefits of a no down payment mortgage far outweigh the costs.

If you don’t think your credit or income will meet the standards but you would like to buy a home in Edmonton with no down payment, contact us for some suggestions on improving your situation. We would be happy to talk to you.

Curious to compare the costs of this program? Click here to visit our No Down Payment Mortgage Cost Calculator

Brokers in Edmonton offering No Down Payment Mortgage Solutions

Alberta’s capital city is home to a population of 899,447 people, which means that there are probably thousands of renters in Edmonton with no down payment who would love to own a home of their own. Our solution to this problem is the many Invis mortgage brokers in Edmonton who are not just licensed mortgage professionals, but also experts in no down payment mortgages. Contact us today to learn more about your options.