I was reminiscing about my first home purchase, a two bedroom, 1.5 story home in Toronto in 1983. I was a 21-year-old full-time university student at the time, but the prospect of paying rent for another year did not make much sense to someone enrolled in a business program.
Using my Ontario Student Assistance Program (OSAP) grant as the down payment we convinced the owners to do a “vendor take back” mortgage for one year, until such time as I graduated and was able to secure full time employment.
Looking back, it was a pretty creative strategy, and probably one of the reasons I like finding creative financing alternatives for my clients and referral partners.
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