I don’t mean to sound like an infomercial…but with yesterday’s rule changes…I feel this is important to get the word out before this program gets pulled.
If you’re a Buyer or a Realtor and have clients with no savings (but they must have a little something to cover closing costs ie. Lawyer fee and PPT if applicable) we can still mortgage which is creatively 100% financing. The rate they will pay is 4.94% and it will be a 5 year closed term. They MUST have good (a.k.a. excellent) credit with minimal other debt (what’s considered minimal all depends on the Buyers income level).
Who do you know who is still renting? Imagine a rate BELOW 5% and FREE 5% (non-repayable a.k.a. FREE) imagine if they’re first time Buyers too! The reason I’m so excited about this product is that when I bought my first place I paid 7.09% and had to put down 12K! Imagine my delight if someone proposed to me 4.94% and a free 5% (in my case 12,000.00 hard earned dollars meticulously saved up since childhood!)
Each Buyer is different and factors such as job stability, overall debt servicing with the slightly higher qualifying rate must be considered and will lower the overall approval amount.
4.94% gives them a fantastic rate considering they get 5% for FREE! It works out to just under 3.90!) when you consider the FREE MONEY the Buyers get.
This is truly an amazing opportunity for the right Buyer. Who knows when the finance minister will change the rules again! Sorry for sounding like an infomercial but I love this program and thinks it’s an unbelievably great oppotunity for Buyers today.
Thanks for reading Vancouver.