i am a single parent of two who would like to purchase a home in the near futur working two jobs to do so and trying to save thewdown payment which is hard credit histroy if fair is there help out there for someone such as myself who hated retning and is struggling to come up with the downpayment.

Hello,

Check out this RBC article: http://www.rbc.com/canada/tools-and-resources/_assets-custom/pdf/43766_FS_28395_first%20home_E.pdf

The current low mortgage rates we're seeing now is making it easier to for people to afford to buy properties. The first step for you to take in exploring the prospect of buying your home would be to get in touch with a realtor in your area. They can set you up with a good mortgage broker to find you the best rates for what you're looking for.

Hope this helps.

If you need any more help, I can help you find a great realtor in the Glenburnie. Feel free to send me an email at willdoyle05@gmail.com

Hi Spicey,

You may not need to wait too long before you purchase your own home and stop paying someone elses mortgage. The best approach is to meet with a Mortgage Broker to discuss financing options as there is a good chance you can make the move sooner than later. By working two jobe I can tell you have the determination to move ahead. Call or email me to discuss and I can get you intouch with a Broker then I can email you listings so you can see what's available in your area. Please visit www.chadsingh.com to find everything you need. Thank you.

Depending on the area that you are looking at there may be programs to help. Some centers will offer up your down payment if your family income comes in under a certain amount. This will likely limit you to the area you want to buy and lock you into at least a 5 year period but is a great way for lower income families to get into the market sooner. There are also some builders that are working with the municipalities to arrange a down payment in specific building projects. The issue there is the interest you pay may end being closer to posted rather than discounted. That can be as much 2% higher. Best case is if you can find a relative to gift you the down payment as this will open you up to fully discount rates.
There are other options if you have good credit but as you mentioned that may not be the case. Good luck in your search and if you get in contact with your Genworth or CMHC rep out there they will be able to let you know what programs are available to your specific area.

A mortgage brokerage can help you, at no charge, look at all options available to you, and also help with advice. There are mortgages out there that provide cash back and also allow you to use that cash back towards the down payment. Our brokerage works with difficult to palce mortgages on a daily basis....we'd be happy to help - just give me a call!

Look into a program called "Rent-To-Own" or "Lease-to-Own" it might be a viable option for you. Just make sure you work with someone who will protect your interests and has some experience with it.

With little or no downpayment, you can either look at the Rent to Own option or a Cash back mortgage. Rent to Own programs are great (I have put 4 clients in that program so far) but you want to make sure you are dealing with a company that has investors to close the deal. Many RTO's advertise aggressively but literally have no investor network to back up the sale. Depending on your income, you may qualify for a cash back mortgage (usually at the posted fixed rate) which can be used towards your down payment. Just note that you will be paying posted fixed rates for this type of deal and if you decide to break the mortgage before term, you will incur not only an interest penalty, but the cash back portion will be clawed back as well.

Greetings Spicey
I'd have to ask you 3 questions
1) What is the price range of the home you wish to purchase?
2) How much have you saved?
3) How recent are any late payments or missed payments that could show up on your credit bureau?
I have programs you can use to buy with $0 money down.... yes they still exist. Lenders charge a higher premium for the mortgage, but it allows you to buy today. These programs require good credit, a positive networth and good employment to qualify. Its a great program and it really beats paying rent.
email if you want more information - steve.bucher@migroup.ca

Best Regards

Steve Bucher, Mortgage Consultant

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