Zero Down

Curious about what kind of home you might qualify for in Calgary? You can find out with our very accurate zero down payment mortgage pre-approval calculator, which determines your home purchase price range based on your income and debts. If you aren’t exactly sure what your income and debts are, feel free to get in touch with us for assistance.

Just like a conventional mortgage, standard payment privileges and great rates are included in a zero down payment mortgage. You’ll find that the biggest difference is the conditions required of all applicants: an excellent income and great credit.

Where does the zero down payment come from?

These conditions are required because the down payment is provided by a different source. If your personal situation allows, you can use a line of credit that may already be available to you, but if not, we’ll assist you in setting up a loan or line of credit to supplement the 5% down payment. Our flexible down payment program offered through CMHC permits borrowed sources as long as the applicant meets the conditions, while a traditional mortgage requires the homebuyer to supply the down payment.

The benefit of a zero down payment mortgage in Calgary is moving into your own home far sooner than you would have with a regular mortgage, since saving up a down payment is one of the most difficult aspects of buying a home. In Calgary, $502,600 was the average home price in 2016, which makes the down payment way too much for many potential homebuyers to afford. That being said, there are two drawbacks associated with the zero down payment program: a slightly higher mortgage interest rate, which will still probably be lower than the local bank’s rate, and an extra interest charge on the borrowed amount. In most cases, though, the benefits will significantly outweigh the costs.

If you would like to buy a home in Calgary with zero down payment but you don’t think your credit or income will be high enough, don’t hesitate to contact us! You might not be able to get a mortgage today but we will certainly listen to your situation and give you some tips on improving it.

Curious to compare the costs of this program?

Click here to visit our Zero Down Payment Mortgage Cost Calculator