The 100 per cent mortgage and the flex down option is good news for the would-be homebuyers with the cash flow to take on a mortgage-but who are still struggling to come up with the traditional requirements for down payment.

Renters with steady incomes but little savings can now start to put their monthly cheque towards building equity in an appreciating asset. With today’s lending rates still low, and with house prices still strong, more and more Canadians don’t want to wait for home ownership. Many worry that they won’t be able to find an affordable home by the time they’ve saved enough for a down payment.

The no down payment mortgages were designed to help qualified individuals step quickly into the market. And while these mortgages come with a higher fee, this cost is covered by the additional mortgage amount. The newest mortgage even offers three per cent cash back which can be used to purchase appliances and furniture, cover expenses related to the move such as legal fees or to pay down other more expensive debt such as credit cards.

For Canadians with financial discipline and good income prospects, these options mean they don’t have to stand on the sidelines of this historic opportunity!  

Jacqui Mulikow, is a Professional Mortgage Agent with Mortgage Intelligence http://www.mortgageintelligence.ca/jacquimulikow