Tip 2 - 100% Financing 95% mortgage with 5% Cash Back

With specific lenders through broker channel, you may do a 95% financing with 5% cash back option for closing cost or renovation. This product is still around.

The key thing here is that this 5% cash back cannot be used as down payment. Thus, you will need to come up 5% cash as down payment. The strategy here is that this 5% can be gifted money from your straight relatives. The lender will not request to verify where the 5% cash back is spent.

Another strategy is if you are someone who has high debt service ratio and is just close to being qualified, this 5% money can be used to pay off your existing debt and make the debt service ratio in line.