Zero Down Mortgages in Calgary

If you have zero down payment saved you can still get a mortgage and buy a home in Calgary

The cost of living in Calgary is high, so it’s no easy task saving up a 5% down payment to purchase your own home. The good news is, you have access to a flexible down payment mortgage that gives homebuyers the option of obtaining a mortgage even when they have zero down payment saved.

Yes, these still exist! You can contact us, Calgary’s leading experts in zero down payment mortgages, to discover what your options are today.

Zero Down Mortgages for Homes in Calgary

Curious about what kind of home you might qualify for in Calgary? You can find out with our very accurate zero down payment mortgage pre-approval calculator, which determines your home purchase price range based on your income and debts. If you aren’t exactly sure what your income and debts are, feel free to get in touch with us for assistance.

Calculate your pre-approval with a zero down mortgage

CALCULATE

Your email is ONLY used to send you a copy of your calculation amount. We do not add you to a marketing list or release your email to a third party. For more information please refer to our Privacy Policy.

How Zero Down Mortgages work in Calgary

Just like a conventional mortgage, standard payment privileges and great rates are included in a zero down payment mortgage. You’ll find that the biggest difference is the conditions required of all applicants: an excellent income and great credit.

Where does the zero down payment come from?

These conditions are required because the down payment is provided by a different source. If your personal situation allows, you can use a line of credit that may already be available to you, but if not, we’ll assist you in setting up a loan or line of credit to supplement the 5% down payment. Our flexible down payment program offered through CMHC permits borrowed sources as long as the applicant meets the conditions, while a traditional mortgage requires the homebuyer to supply the down payment.

The benefit of a zero down payment mortgage in Calgary is moving into your own home far sooner than you would have with a regular mortgage, since saving up a down payment is one of the most difficult aspects of buying a home. In Calgary, $502,600 was the average home price in 2016, which makes the down payment way too much for many potential homebuyers to afford. That being said, there are two drawbacks associated with the zero down payment program: a slightly higher mortgage interest rate, which will still probably be lower than the local bank’s rate, and an extra interest charge on the borrowed amount. In most cases, though, the benefits will significantly outweigh the costs.

If you would like to buy a home in Calgary with zero down payment but you don’t think your credit or income will be high enough, don’t hesitate to contact us! You might not be able to get a mortgage today but we will certainly listen to your situation and give you some tips on improving it.

Curious to compare the costs of this program? Click here to visit our Zero Down Mortgage Cost Calculator

Brokers in Calgary offering Zero Down Mortgage Solutions

As Alberta’s largest city with over 1.2 million residents in 2015, Calgary is likely home to thousands of renters with zero down payment who would love a home of their own. To solve this problem, we have numerous Invis mortgage brokers in the city who are licensed professionals as well as experts in zero down payment mortgages. Talk to us today to find out what your options are!