Borrowed Down Payment
βCan home buyers borrow money for their down payment?
Yes! In some circumstances, home buyers can use borrowed funds for the purpose of a down payment. Qualification rules apply, not all lenders offer this product, and it often only applies to first-time home buyers. Mortgage insurers, such as CMHC, Sagen, or Canada Guaranty have programs called Flex Down, or Flex 95, for example, that could be used for this purpose.
As always, whether this is available at any given time, in any given market, or with any given lender, can vary from time to time, and only a detailed application can determine if you will qualify for this. For more information, First Foundation would be happy to arrange a call or a meeting with you to determine if this would work well for you.βββ
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