This is a great option that our mortgage specialists at the Royal Bank of Canada sent us, have a peak.
RBC is launching two new default insured mortgage programs that will offer your clients more options for purchasing a home.
- CMHC Non-Traditional Source of Equity
- Genworth Cashback Equity
These two programs allow new home buyers who have above average credit scores and good cash flow, but not enough funds for a down payment, to use borrowed funds or Cashback to purchase a home.
Through these two programs, and subject to mortgage default insurer approval, clients with good credit can use available Cashback or borrowed funds toward the 5% minimum down payment for a home purchase. Clients must also qualify under RBC standard credit criteria for both the mortgage and any loan included in debt servicing calculations.
Other key details of these programs:
- Available only for home purchases
- Property must be a owner occupied primary residence and all applicants must reside at the property
- Cashback and funds borrowed for down payment cannot exceed 5% of purchase price
- Loan can be a unsecured Credit Line or Term Loan, and I can help with arranging this
- Available to clients for one mortgage only
Please let me know if I can offer assistance to you or your clients with this or any other home financing products.