Zero down mortgages in 2013

Leveraging, renting vs owning, making an investment or buying a home?
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jesse
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Zero down mortgages in 2013

Post by jesse »

This website claims to allow people to buy with zero down.
https://www.notapennydown.com/zero.htm

They seem to be rather surreptitious about how they are accomplishing this. Does anybody know specifically what this "zero down" scheme is?
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AltaRed
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Re: Zero down mortgages in 2013

Post by AltaRed »

As I see it, the website merely helps seek out a lender who will provide that last X percent. That last X% may be from a loan from the mafia with onerous terms and conditions, such as double digit monthly interest, kneecapping, favours from your spouse and the like. No one, and absolutely no one, should be lending that last bit (10-20%) of mortgage rquirement in a climbing market, never mind a softening market like Vancouver.
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sslinn
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Re: Zero down mortgages in 2013

Post by sslinn »

A buyer can get the 5% from a line of credit or even a credit card. Not exactly zero down, just zero out of pocket.
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