Buying with zero cash down. Is it really possible?

The first time you see the ad Scotia Bank 100% Mortgage Program, you may ask yourself…What’s the catch?
Perhaps Scotia Bank still requires the 20% down, but gives you the option of a line of credit?
OR…they really offer to finance you 100% BUT with rates a lot higher than the regular mortgages?

Something to ponder about.

The real answer is none of the above and it was confirmed this afternoon, after speaking with a mortgage specialist Nadine Emony from the Scotia Bank who informed me that the only thing needed in order to be eligible for a 100% Mortgage is to have very-good credit.

Not bad, uh?

In addition to that, you need to:

· Have a min of 2 years of good credit history with one of the major credit cards: Visa and/or Mastercard.
· Have a steady job.

There probably are a few more requirements to be eligible for a 100% mortgage, but for the most part, these are the two most important factors.

Information and link was kindly provided by Mortgage Specialist Nadine Emony. Visit her page for more details.

Technorati: buying real estate | mortgages | loans