A flex down payment mortgage can sometimes be a good option for home buyers who have fantastic credit but are having a tough time saving a down payment. This option is normally only available for people with a credit score of at least 650 and good stable jobs.
If your credit score is below this number the chances of obtaining a flex down payment mortgage will be very slim regardless if you work with a mortgage broker, or go directly to a major financial institution like a local bank.
A flexible down payment mortgage is an option that some lenders allow because they know there are some people with great credit who are worthy of a mortgage but again have trouble saving the down payment. Flex down payments have some options available for the down payment and where the money comes from, but lenders may scrutinize the source of the down payment.
When looking for a flex down payment in mortgage financing, a good mortgage broker will be able to help. They can easily understand and dissect your situation and let you know whether or not you qualify for this type of mortgage. A mortgage pre-approval is always advisable before making an offer on a home, and especially when a flex down payment mortgage may be required.
Watch this episode with mortgage broker Tracey Brock of Dominion Lending Centres where she will explain what is a flex down payment mortgage.
For more information on financing or if you need a mortgage broker, contact Tracey Brock of Dominion Lending Centres.
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