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Today: 19.01.2018 - 01:37:43
   Canada Mortgage Hub Discussion Board -> Mortgage Edmonton -> Who will loan you money for downpayment for new house?
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opolobearo

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Who will loan you money for downpayment for new house?
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Post # 1.

paltongy

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Family and friends come to mind, however neither one is a good option.The best answer is save your money.
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Post # 2.

nobuhiro-tni

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I don't know about Canada, but in the US you technically can't borrow money for a down payment. If you did, you'd have to disclose it and the new payment would be included in your debt ratio for qualifying.Why don't you try to qualify for 100% financing if you don't have down payment?
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Post # 3.

orlygur

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HelloTry this_http://www.scotiabank.com/cda/content/0,1608,CID10968_LIDen,00.htmlcheers
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orpen

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Try this:1. Find a house within your price range. 2. Figure out how much down payment you will need.3. Tell the owners to increase the price of the house by however much down payment you will need.4. Get the owners to pay the down payment.Essentially, you will be financing the entire cost of the house, but on paper, it will look like you bought a house for x number of dollars, but that the sellers paid 20% or however much of the mortgage as an "incentive."
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ou6

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I was in your situation, and the mortgage broker persuaded the mortgage company he was dealing with to allow me to get a line of credit from my bank for the amount of the 5% down payment. I live in BC.
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rn88

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I'm a mortgage broker form Edmonton ALberta. If you have no down payment you basically have a few options.1) 100% financing through an "A" lender, you must have at least 680 beacon score (Credit rating)2) Borrow the money for your down payment, use the flex down programs 3) Borrow the 5% for a home and place it into a RRSP and use that as a down payment. The RRSP has to be there for at least 90 days. Go to your bank and ask for a RRSP line of credit the monthly payments are only the interest. this will help you with your monthly debt service. When you file your taxes you will have the RRSP as a deductable. Use the tax rebate to pay down the RRSP loan. You will have 15 years to repay the RRSPGo to a "B" lender and apply for 100% financing, lower credit rating but higher interest.If you would like anymore information, you can contact me through my website _http://albertamortgageguy.com
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