Experts Questions and Answers
Can I really buy a home with $0 down?
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Although under the current bank act, you are required to make a minimum down payment of 5% in Canada, their are ways to come up with the down payment. First some lenders will actually give you the 5% down payment, provided that you commit to taking the mortgage out with them for 5 years at the posted rate. Other lenders will allow you to borrow the 5% down payment from a line of credit or loan. Also, some government programs also exist, like the Simcoe County Down Payment Assistance Program, where they will help you get a 5%-10% down payment to become a home owner.
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