Buy A Condo With Just 5% Down Payment
The builder, Options For Homes, is offering you a Down Payment Loan that is payment-free until you sell or move. They boost your down payment of 5% by 10% to 15% of the purchase price of your new home to help you secure a conventional mortgage, and since the amount is lower, this makes your monthly carrying costs lower too.
When you sell or move out of your condo, or when you pay your primary mortgage in full, the loan gets paid back plus some appreciation. If the loan towards your down payment was 10% to 15%, now 10% to 15% of the current home value is due back.
It's cool that the builder is doing this as it shows confidence in the project. They have some skin in the game too.
How Can They Do This?
They cut out a lot of the bells and whistles. No costly swimming pools, no over-the-top marketing campaigns, no fancy showroom, and only builder grade finishes in the units. Del Terra is the construction company for this project and they build most of Tridel's buildings. They are industry leaders for quality and timeliness.
The Humber won't win any award for design but it's quite attractive. It will be well-built and affordable for a lot of people who wouldn't otherwise be able to afford a new condo.
Here's How The Down Payment Loan Works
Weston village is a work in progress in most people's eyes but so was King West, Liberty Village, the Distillery District, the Junction and many other neighbourhoods that are super-trendy today.
Of Note At The Humber.....
Low $400's & Up
# Of Units
617-988 sq. ft.
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