No Money Down Purchases - A THING OF THE PAST

Unfortunately, back in October 2008 they put an end to zero money down, along with that went the 40 year amortization.  All lenders now require 5% down payment as long as the bureau shows that you are credit worthy. Generally, if you have a low credit score you will have to put down 15% and sometimes even have a co-signer but each lender and borrower are different and we have no way of knowing until an application is complete and a bureau has been pulled.

If you do not have the 5% and only have 2% or 3% then alot of times we will be able to get what is called a "cash back mortgage", although the rate will be slightly higher this could be the option that puts you in your home sooner than later.

Along side that will be the amortization, this has been knocked down to a maximum length of 35 years.

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For further information please call:

Lyle Somers and Vikki Ferreira

Assured Mortgage Services (905) 450-8300 ext. 106