100% Home Financing
Why Rent – When you can OWN?
You have excellent credit and a stable source of income yet have not accumulated the required down payment – MortgageDirect2u has the perfect mortgage solution for you!
- Owner occupied (max 2 units)
- Single family detached and semi-detached
- Single family townhouses and row houses (freehold)
- Registered condominium unit including: high-rise, townhouses and stacked townhouses located in urban centers
- Properties on well water and septic tanks will be considered provided this is normal for the area
- Dwellings situated on acreage, appraisal report to include a maximum of 10 acres and no out buildings
- All residential properties must be of reasonable size. Minimal for all condominiums 700 – 750 square footage (70m2) of living space
- For properties with no basement, the minimum square footage is 1,000 Sq. Ft.
- Co-op, Student & Rooming Housing
- Bed & Breakfast
- Historical designations
- Commercial Properties
- Commercial Mix
- Raw, Leased Land
- Seasonal non-year round access
- Island Properties
- Mobile Homes
- Prior Grow-Ops, Meth Labs
- Life Lease
- Fractional Interests, Rental Pools
- Hotel Condo
- Non Conventional Construction
- 5 yr fixed rate closed
- Standard Rate guarantee 90 days
(new construction 120 days)
- 120 Day Rate Guarantee is available with .25 bps increment.
- Insured mortgages up to 30 year amortization available*
- Weekly, bi-weekly and monthly payments
- Prepayment privilege: up to 20% of the original principal amount + up to 20% increase in payment annually
- PURCHASES - 95% financing through Genworth, CMHC
This mortgage option is for homebuyers that have a minimum Beacon sore of 650 and an excellent credit history but have not yet saved the required down payment. It will not be approved for prior bankrupts or heavily indebted with no assets and no evidence that they can save. Non-residing co-borrowers must be an immediate family member and on Title.
- Mortgages must be title insured
- Cash Back must be used for down payment
- Employment and income verification required
- Business for Self – 3yr avg. NOA (no stated income)
- Property must be residential
- All properties must have a minimum of 100 AMP service
- Building must meet all applicable Fire Code Regulations