Yes. They can be gift, borrowed funds, 100% sweat equity, or lender cash back incentives. Keep in mind the following conditions: You must have good credit score (>680 on equifax).
There will be s slight insurance premium (2.90% on the loan amount), which can be amortized into your payments. Lastly, You will need to have sufficient income to qualify for the mortgage on T4 or if you are self-employed, your reported income must be sufficient to debt service.
The advantage of this option is to allow borrowed down payment at the best discounted mortgage rate. Whereas, cash back mortgages. are at higher rate, designed to offset the money the lender gives you on closing day.
Can I borrow my down payment if I need to "state" my income?
Generally the answer is no. However, there are a couple of other options if you need to both borrow your down payments, and also 'state' how much you earn. Contact us.
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