Buying a home in Brampton with no money down
If you’re thinking of buying a home in Brampton soon and are worried about coming up with a down payment, there is still a zero down mortgage program available for you to explore. Essentially, what you would be getting is a cash back from the lender that you would apply as your down payment.
This mortgage program is a lifesaver for those who want to take advantage of the low interest rates and brisk real estate market in Brampton, but don’t have enough cash in the bank as a down payment. The interest rate will not be as low as a regular mortgage with 5% down, but it does get home buyers into a position where they can own their own home at an affordable monthly mortgage payment.
Here are some quick details:
- A minimum of 650 credit score is required
- Maximum cash back from this program is $25,000
- Amortization is 35 years
- Mortgage is calculated on a 5 year at the posted rate (currently 5.39%)
If you’re currently renting and am considering owning a home, but don’t have the cash for a down payment, this program may be for you. Don’t let this strong Brampton real estate market pass you by!
For more details, visit my thread on my message board. If you would like to see if you can qualify for this mortgage program, leave me a comment here or email me!
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