New Update: 100% available, rate ranges between 9.0% – 12%, first mortgage only.
As long as the applicant has credit score of 640 or higher, with minimum 3 tradelines and 1 with 36 months history, he/she can qualify for the 100% financing or 100% refiannce if he/she can debt service.
For thie program, because the lender self-insures, it does not involve CMHC or Genworth (as the 100% financing was halted 2008 October). A fee of 4% is applied on all applications with this lender. No area restriction.
Filed under: Bank Turn Downs, Private Lending, Zero Down Mortgages
[...] 2nd Mortgage Refinance up to 100% LTV Posted on September 14, 2008 by 1dayapproval *** This Strategy Is No Longer Available Since Citi Financial Pulled Out *** As of Oct 15th, 2008, if you have been following the mortgage news, there will be no more “zero” down payment insured by CMHC, AIG, or Genworth. Although not many people know that they can purchase property with 0%, it is still a big change. For 100% refinancing, please refer this new product here. [...]