O% Down Mortgages

Yes it still exists, contrary to what a lot of banks will tell you.

It just has a different name, it’s called the Flexdown mortgage.  The Flexdown mortgage is a 95% mortgage, but the downpayment can come from borrowed funds like a line of credit which essentially means you can buy with 0% down of your own money.  You do need to qualify for this by having over a 650 credit score and being able to debt service the line of credit payment in your ratios.

Pros:

1) You can buy now and as you save your down payment you can simply payoff the line of credit eventually being left with just the standard mortgage.

2)Best rates apply.

3)You can quit paying rent and build equity while you’re paying out your downpayment loan.

 

Con:

1)You will have two separate payments for the mortgage and the line of creidt, however, with auto-debits it doesn’t become an inconvenience.

2)You have to be able to qualify for the line of credit or loan.

 

Most banks don’t utilize this program anymore so you will hear that it can’t be done, however,  there are 5 trust company lenders that we can help you do this with.