289-755-0146 amy@amycoburn.com


So you finished school and found a great job.  Now you want to buy your first home BUT you haven’t been able to save enough for the down payment. We understand that sometimes saving the down payment for a new home can be challenging.  The Flex Down Mortgage program can make it possible for you to buy your own home without having to save for years.

Qualified home buyers can borrow the down payment through a variety of sources like credit lines, personal loans or gifts. In order to get approved for this program, applicants must have good credit and must be able to cover closing costs of at least 1.5% of the purchase price using their own financing resources.

Repayment of borrowed funds must be included in the qualification calculation.

Additionally, gifts from non-family members are permitted for insured mortgages under the Flex Down Gift program.  Gifts from immediate family members are not considered as part of the flex down program.  Immediate family members are parents, children, siblings, grandparents and guardians.

Flex Down insurance premiums do apply.  As of today, March 17, 2017, the premium for a 5% flex down purchase is 4.5%.  This cost is added to the mortgage, however it gets you into your home sooner so you can start building equity.  The increase in home values over the last few years have been outstanding.  The longer you wait to save the down payment, the house price could have potentially increased.
Give us a call to book an appointment to discuss if this is an option for you.