Nothing Down Is Still Here!

As of October 16, 2008, the 100% financing and 40 year amortization options were no longer available if you were seeking an insured mortgage.

However, some of you may need these features to get you through a temporary life event that has limited your financing options.

As one of the few remaining self-insured alternative options, let me help keep your alternative financing options open.

As a reminder, I still offer:

100% LTV for Beacon Scores 640 or higher.
Up to 40 year amortization at no added insurance premium.
Financing for Beacon Scores as low as 540.
Liberal property guidelines.
Two valuable Business-For-Self programs.
Helpful debt servicing guidelines.

Whether you are seeking to purchase, or refinance, let me help you secure the financing you need.

Sincerely,

Joe Malek
www.joemalek.com

New measures designed to head off a U.S.style sub-prime mortgage crisis.

Concerns that cracks were beginning to appear in the foundations of Canada's housing market were behind the government's surprise decision to crack down on loose mortgage conditions ushered in less than two years earlier.

Starting Oct. 15, Canadians will no longer be able to purchase a home with a government-backed mortgage with a 40-year amortization and no down payment.

Instead, mortgages will be limited to 35 years and the government will only insure 95 per cent of the value of the home, meaning buyers will need to come up with at least a five per cent down payment.

Borrowers must also demonstrate that debt servicing costs are no more than 45 per cent of gross income and have a good credit rating.