NEST BUILDERS Mortgages

[BrianPersaud]

Have anyone heard of http://www.nestbuilders.ca/aboutus.php ?

They GIVE (for free) to buyers if they want owner occupied mortgages. This perfect for rein members selling properties in Edmonton that are having trouble selling. Instead of lowering your price sign up for nestbuilders

Essentially what happens the seller GIVES 6% to a charity. This charity in turns gives 5% to the buyer and 1% goes to the program. The seller gets a tax receipt for a 6%. AIG determines if the value is fair and it`s only Edmonton.

 

[housingrental]

Seems like potential for future rejection - Any lawyer or accountant thoughts on whether this will be killed by cra ?

 

[RobMacdonald]

I would be surprised if most lenders would not allow that as a qualified downpayment. What this is essentially, is the seller giving a financial gift to the buyer, and using the charity as the intermediary.

Sounds like something that most lenders and insurers would deduct from the sale price.