Options for Renters


Buying Your First Home? Money Isn't Everything! NO DOWN PAYMENT OPTIONS ARE AVAILABLE TODAY

With a little legwork and some innovative financing you may be able to buy your first home with very little or NO Cash.

Nobody likes flushing money down the drain but that's what you're doing when you hand over your rent money every month. The moment it leaves your hand your money is working for someone else and not building equity for you and your family. If you feel it's time to own your own home here are some things you need to know before you make your first move.

So you have NO CASH? 

If you have good income and good credit but lack the cash for a down payment & closing costs you may be able to: 

  • borrow that money from one lender and the mortgage from another. 

  • Some banks offer a no down payment option.

  • Banks also offer cash back options to help with your closing costs. 

You may be fortunate enough to receive a gift letter from a relative stating the money is a gift that does not have to be repaid.  THE SELLER may be willing to help finance the deal! - There are sellers out there who are willing to help you by "taking back" or holding mortgage financing for you. You pay the seller monthly on a mortgage with minimal down payment, sometimes favourable interest rates and lower closing costs). They might be hard to find, but if you can find a seller willing to help you out it may be the key to getting into your own home.

Have you thought about EQUITY SHARING with family members or investors? - An equity sharing arrangement gets YOU the cash for the down payment while your partner gets a share in your home. You make the monthly payments, pay the taxes and live in the house. In time you will either buy out your partner or sell the property and split the profits accordingly.

Have you been contributing to a REGISTERED RETIREMENT SAVINGS PLAN (RRSP)? - Don't forget you may be able to get a loan for your down payment by borrowing against your retirement savings plan, or you may be able to withdraw enough money from your plan to use for a down payment without penalties or taxes. Under the federal government's Home Buyers' Plan, you can withdraw up to $20,000 tax-free from your RRSPs to help buy or build your first home. If you or your spouse have not owned a home...