January 28, 2011
RBC has recently launched two mortgage programs that can help get purchasers who have limited down payment and a solid credit history into a home sooner. Through these programs, buyers with limited funds for down payment may be allowed to use borrowed funds or Mortgage Cash Back offers to assist them in meeting the 5% equity requirement for default insured mortgages.
Other important details of these new programs include:
* Available for home purchases only
* The property must be a owner occupied primary residence and all mortgage applicants must reside at the property
* Mortgage Cash Back and funds borrowed for down payment cannot exceed 5% of purchase price
* Available to clients for one mortgage only