No Down Payment? No Problem!

No Down Payment? No Problem!

Have you been wanting to own your own home for a while now, but are struggling to save up a down payment because of increased cost of living, or other financial burdens? We understand that sometimes it’s hard to save up thousands of dollars for a down payment when you already have to pay rent, groceries, child care, etc.  That is why Ownest wants to help! Introducing:

Flex-Down Mortgage!
a borrowed down payment option

Learn more about the program with a brief Q&A (question and answer) below.

Q: How can I purchase a home without a down payment?
A: With the Flex-Down Mortgage, you may be eligible to borrow your down payment. This non-traditional source of down payment may include borrowed sources to the sale such as:

Personal loan
Unsecured/Secured line of credit
Credit card
Gift from a non-immediate family member.

Q: How much can I borrow?
A: You can borrow between 5% – 9.99% of the purchase price of the home. Please note that if you’d like to use the Flex-Down Mortgage Program offered by Ownest, the purchase price of the home must be less than $1,000,000.00.

Q: Do I have to borrow the entire down payment?
A: No. If you already have money saved up on your own, you can combine the two to make up your down payment.

Q: Does a borrowed down payment save me money?
A: It could – and we hope it does! Say you are currently renting a 3-bedroom home for $2,400/month. A mortgage could cost you less!

On a $400,000, you would need to borrow around $22,000 to cover your down payment and possible closing costs. This means that your mortgage payments could be around $2000/month* including your loan payments. This means that YOU could own your own home for less than you’re currently paying in rent.
*Please note this would not including property taxes, insurance, utilities, etc.

Q: Is this option available for a vacation or secondary home?
A: Absolutely! Should you be able to borrow your down payment from one of the sources above, you can absolutely use the borrowed down payment towards a second home.

Q: Am I able to use this program to purchase a home and rent it out?
A: Unfortunately, no. The home must be owner-occupied.

Q: Is there a catch?
A: There is absolutely no catch, however you must be able to qualify for a mortgage as you would with any other home purchase, and you would have to qualify for the borrowed source as well.

Q: I’m interested! How can I find out if I’m eligible?
A: We’d love to discuss your options and see if you’re eligible. Simply apply today, or contact us! It’s that simple!

We like to be transparent, so we listed the pros and cons to this program below:


  • Achieve home ownership sooner than without the borrowed down payment
  • Take advantage of today’s low housing prices
  • Great rates available currently
  • If you wait and save, rates and house prices could be higher
  • Line of credit allows for a low interest only payment


  • Additional debt payment
  • Higher Mortgage Default costs
  • Less lender availability banks don’t participate
  • Tougher qualifying guidelines – good credit is required
  • Adding additional debt, may lower the amount you qualify for
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