The No Down Payment Mortgage

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Do you dream of owning a home in Nova Scotia, yet feel like saving a 5% down payment is an impossible goal?  Owning a home is within your reach. With the CUA No Down Payment Mortgage, there is no time like the present. The question our team is asked often is “What’s the catch with the No Down Payment Mortgage?”  The answer is simple: there isn’t one.  Through this product, CUA is able to get people into their new home, faster. Below you will find a description and infographic describing how the No Down Payment Mortgage works:

  1. Arrange your mortgage with CUA.  Begin by getting pre-approved for your mortgage and then work with a realtor until you find the right house.  Once you have chosen your home and gone through all the necessary inspections and negotiations, we can arrange your No Down Payment Mortgage.
  2. Borrow your down payment.  When you buy a house in Canada, you need a minimum 5% down payment.  With CUA’s No Down Payment Mortgage, you can borrow up to 5% of the purchase price as a loan or a line of credit to use as your down payment.
  3. Receive cash back.  This mortgage also gives you an option to receive 5% of your total mortgage amount back in cash. 
  4. Pay down your loan.  If you choose to obtain the 5% cash back, you can use it to pay down the initial loan, virtually eliminating your down payment. Eliminating the loan frees up a little extra cash for you as you prepare to make your new house a home.

To view larger image, click here.

If you have questions or want to know if you qualify for the No Down Payment Mortgage, visit one of our eight branch locations or call the CUA Contact Centre at 902.492.6500.  Let’s get you into your next home faster.

Revised Jul. 4, 2021

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