The minimum required downpayment on a home in Saskatoon is 5%. While savings is the best option there are some other options you can do:
- RRSP - a first time home buyer is allowed to take money out of their RRSP interest free.
- Zero Down Mortgage - for a higher mortgage rate credit unions will give you the downpayment!
- Gift - a family member can help you out by gifting you the downpayment.
- Borrowed downpayment - great credit borrowers can use loans and lines of credit for downpayment.
- Save, save, save!
For more information on downpayment options in Saskatoon give me a call 306.222.9779.