No Down Payment Mortgages in Calgary

If you have no down payment saved you can still get a mortgage and buy a home in Calgary

The cost of living isn’t cheap in Calgary, so it can be a huge challenge to save up a 5% down payment to buy a home of your own. Fortunately, you have access to a flexible down payment mortgage that requires no down payment in order to obtain a mortgage.

Yes, that’s right! These mortgages are still available and you can talk to us, Calgary’s leading experts in no down payment mortgages, to learn more about your options today.

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How No Down Payment Mortgages work in Calgary

Just like a more traditional mortgage, a no down payment mortgage in Calgary gives you the same payment privileges and great rates. They are most different in the criteria required of applicants; a no down payment mortgage entails an excellent income and great credit score.

Where does the no down payment come from?

These two requirements are important because the down payment, which is still needed, comes from a borrowed source. If your personal situation allows, you can use a line of credit already available to you for the 5%, but if not, we will assist you in setting up a loan or line of credit. CMHC offers this flexible down payment program that diverges from the regular practice of the homeowner providing the down payment only if the applicant meets the two requirements.

Moving into your own home years ahead of schedule is the primary benefit of a no down payment mortgage. It takes a long time to save up 5% of $502,600, which was the average price of a Calgary home in 2016, and it is nearly impossible for many people. This flexible down payment program does have two downsides, which are a slightly higher interest rate (though it is still lower than what the local bank usually has on offer) and an extra interest charge on the borrowed down payment. However, you can bet that the benefits, both financial and personal, of owning a home in Calgary years ahead of time are more weighty than these two costs.

Talk to us today if you’re interested in buying a house in Calgary with no down payment, even if you have poor credit or income. You may not be able to purchase one right away, but a mortgage specialist will have suggestions for how to improve your likelihood of qualifying for the program.

Curious to compare the costs of this program? Click here to visit our No Down Payment Mortgage Cost Calculator

Brokers in Calgary offering No Down Payment Mortgage Solutions

Calgary is Alberta’s largest city with a population of over 1.2 million people, thousands of whom are likely renters with no down payment who would jump at the chance of buying their own home if given the opportunity. To meet this need, we have several Invis mortgage brokers in Calgary who are licensed mortgage professionals as well as experts in no down payment mortgages. Discover your options by talking to us today.