Flex Down
Although the "zero" down payment program has been eliminated, there is an alternative option known as the flex down program. The flex down program allows you to borrow your down payment (ie from a line of credit, credit cards, loan) and and the repayment on the borrowed funds have to be factored into the ratios that the bank use for qualification. There is also a minimum credit score required.
Please note the lender will require confirmation that you have closing costs (typically 1.5% of the purchase price) from your own resources to cover costs such as lawyer fees, inspection, property transfer tax if applicable, etc.
Please note the lender will require confirmation that you have closing costs (typically 1.5% of the purchase price) from your own resources to cover costs such as lawyer fees, inspection, property transfer tax if applicable, etc.