Last week RBC launched two new default insured mortgage programs for clients with little to no down payment available when purchasing a home. The program allows Mortgage Brokers, through RBC Royal Bank Mortgages, to use a cash back or borrowed source program to fund the 5% down payment.

How does it work?

• Cash (savings) and/or borrowed funds can be used for a down payment as a combination
• Cash back programs provided by RBC can be used as part or all of the down payment
• Clients can borrow from their line of credit, term loan or credit cards for the down payment, whether provided by RBC or a competitor

Would you qualify?

The programs can be offered to home purchasers, with well established credit in good standing who can meet the following requirements:

• The property must be the purchasers primary residence and all applicants must reside at the property
• Cash back funds borrowed for the down payment cannot exceed 5% of the purchase price
• Available to clients for one mortgage only

These programs will be reviewed on a client to client basis with an RBC Mortgage specialist who will be able to recommend the product which is best suited to your needs. Please feel free to pass this information along to any family or friends who may find it relevant and don't hesitate to e-mail me with any questions.

Sincerely,

Peggy Hill

Broker of Record

Peggy Hill & Associates Realty Inc., Brokerage

Direct: 705-796-8191

Office: 705-739-4455

peggy@peggyhill.com

http://peggyhill.com

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