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How Does a Prime Rate Change Affect My Mortgage Payments?

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Borrowed Down Payment Plan

RMG understands that saving for a down payment can be hard – and that even the most diligent savings plan can’t always get you to the down payment amount you need to purchase your dream home.

Our RMG Borrowed Down Payment Plan makes it easier to reach your homeownership goals and buy a property sooner, as it gives you the option to borrow for your down payment.

Any portion of your down payment can be borrowed, and eligible borrowing sources can include personal loans, lines of credit, credit cards and gifts from non-immediate family members. Buyers must have a minimum credit score of 650, with no bankruptcies, judgements or income tax arrears. The plan applies to mortgages with a loan to value from 90.01-95%, a loan amount between $50,000 and $924,999.99, and owner-occupied properties with a maximum purchase price of $999,999.

RMG Products and Programs

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