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Zan Molko
ABR, ASP, ASA, Real Estate Broker

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Buy a House or Condo in North York, Toronto with little

or No Down Payment!

When thinking of buying a home, how you are going to pay for it is the most important factor that needs to be considered. Unless you have cash, you will be like most people and require a Mortgage.

When applying for a mortgage there is a helpful analogy that should be considered.

Try to imagine a three legged stool. For a typical Home or Condo purchase, and in order to qualify for a mortgage, you require 3 legs.

1.    Down Payment
2.    Income3 legged stool
3.    Good Credit


If you remove one of those legs the stool will fall over.

In other words you cannot get the financing.



However, there is such a thing as a one legged stool. If you have one very solid leg the stool will remain standing, and you could likely qualify for a mortgage. As an example, if you have no down payment, yet have a high enough income you could qualify for a custom financing package that would satisfy the lender(s). The understanding on how to package such a programme is dependent on the knowledge and skill of the Realtor and Mortgage Broker team.

Despite the recent changes introduced by the Federal Government in July 2012, designed to tighten up to mortgage financing in Canada, there are still options to finance a home or condo with little or no money down for qualified buyers. A good history of paying your bills on time i.e. Excellent Credit scores, plays a huge role in determining qualification.

A conversation with an experienced Mortgage Broker is your first step. Follow this to discover your true home buying potential.

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