Zero Down in Lethbridge... Fact or Fiction?

Mortgage and Lending with Mortgage Alliance Mortgage Design Group

Zero down is actually completely impossible... why? You will always have to put down a deposit (of good faith) when you write up a purchase contract and you always have to prove that you have closing costs available (which lenders typically calculate at 1.5% of the purchase price depending on where you are purchasing).

However, I can show you how to obtain mortgage approval through other means. Maybe a down payment that is "gifted", sweat equity or a rent own option?.

For more information, please contact me, your


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Liz Toles - Lethbridge, AB
Lethbridge Real Estate

Congrats on your first blog! And welcome to Active Rain! Mmmmmwwwaaahhhh!


Nov 28, 2008 06:28 PM #1
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting


while 1st choice does not offer zero down, there are still 100% financing options available in the broker channel.  I have products available to qualified clients from both Bridgewater and from Merix which still offer 100% financing.


So even though federal finance officials announced in the summer that zero down would come to an end as of October 15, 2008, David Gamble who is the director of public affairs for the federal department of finance stated in an email that lenders have "flexibility in establishing their own standards on the source of a downpayment".


This means that lenders who self-insure as well as those who offer cash back products are able to skirt the new restriction and finance 100%.  The only caveat is that if AIG, Genworth, or CMHC is used to insure the mortgage, they will only insure the 95% portion and not the cashback portion.  Not a big deal to most clients, especially those who need the 100% product as an option.


I'd love to take you for lunch and we can talk about whats going on locally in the mortgage and real estate market.


Robert May

Rainbow Realty/Canada First Mortgage

Nov 28, 2008 07:47 PM #2
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

We invite you back to ActiveRain in 2016!

    Much has changed since your last visit to ActiveRain.  I encourage you to take another look at the website. 

    Surf some blogs, leave some comments.

Aug 22, 2016 10:03 AM #3
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Greg Toles

Mortgage Associate
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