Do you have a client looking to purchase a property but may be short on a sufficient down-payment?
In terms of a down payment, we accept the following:
- The down payment may be equity from another property. Please note that secondary financing may be permitted up to 100% Loan to Value (LTV) behind our maximum approval
- Gift of Equity (Non-Arms Length Accepted)
- Borrowed Funds
- Builder’s Credit
- Accumulated Rent Credit
- Sweat Equity
- Bridge Financing
- Vendor Take-Back or Secondary Financing
*Please note: New Haven Mortgage Corporation does not require the client to show a 90-day history in their bank account*
Additionally, the down payment for this type of loan can be borrowed. If there is insufficient equity in the subject property we will accept satisfactory additional security otherwise known as a collateral mortgage.