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Edmonton, AB, Canada December 13, 2007 – First Foundation Inc., a residential-focused Alberta Mortgage Broker, announced a 100% financing option on select rental properties through First National Financial and Canadian Mortgage and Housing Corporation (CMHC).
The new CHMC product allows borrowers to purchase one- to two-unit rental properties with no down payment, or refinance the properties for a loan-to-value ratio of up to 95%. Also, borrowers can now purchase three- to four-unit properties with as little as 10% down, or refinance the properties for a loan-to-value ratio of up to 90%. There is no mortgage application fee or lender appraisal required.
Amortization can be up to 40 years, which can help reduce an investor's monthly expenses. The product is available for individuals that are Permanent Residents of Canada, including newcomers to Canada, self-employed borrowers and corporate borrowers. Available interest rate types include fixed, variable and adjustable.
“The 100% financing option on rental properties is a great new tool for small real estate investors. People who want to participate in real estate as an investment without the need for significant amounts of capital to get started are certainly going to benefit,” said Gordon McCallum, President and CEO of First Foundation Inc. “We are proud to bring yet another innovative product from our lending partners to the Alberta home buyer and home owner markets.”
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For further information contact:
Gordon McCallum
President & CEO
First Foundation Inc.
780-702-7678 ext. 303