Buying a house with no money down in Canada

Posted by Arnold Vargas on January 10, 2018 in Real Estate |

Buying a house is the dream of every working class human in which he can fulfill their desire and can live their life peacefully for rest of the of life. But due to the lack of money which they have, they can’t afford the home on their own and if they can them always will have to get a hefty amount home loan to achieve their dream. There are different types of loans and mortgage are provided by the banks so by this to fulfill their dream.

The first question arises in every consumer or owner’s house is how to buy a house with no money down that is it has to zero payment at the starting and in the coming month you have to pay principal and interest in the definite period of time. But in Canada, you cannot buy a house with no money down because in 2012 the government has passed the law that minimum 5% of the down payment to the total amount of home loan. But there is another way if buying a house with no money down is not the option that is you cannot reduce the down payment to the min value through various type of schemes one of them is RRSP withdrawal in this you can take the money from the retirement plan and take loan up to $25,000 under the condition without having to pay taxes. For the first time to buy home with no money down, you can use the gifted down payment option to raise the money for your down payment as it is the gifted down payment is basically a gift from your friend, family member, or a company, who is willing to pay the down payment on your home loan as a gift. If you do not have that you can just go to lenders and get the down payment from them and various other programs are started under municipalities so that you can buy a house with no money down.

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