Dreaming of owning a home in Ghana but struggling to save for a deposit? A no down payment mortgage could be an option worth exploring, subject to lender criteria and affordability assessments.

No Down Payment Mortgages, DOES NOT mean you can buy a home empty-handed. You need to have some decent available savings to cater for the applicable taxes and stamp duties. If you're borrowing from a traditional bank that requires you to put up minimum of 20% in down-payment, you're looking at closing costs in excess of 45% of the property price.

BUT, if you're buying with The DCANS Group Limited (by virtue of our corporate architecture, underwriting standards and policies, and compliant legal tax efficiency policies), we can sacrifice part of our potential mortgage interest for your benefit to offset these taxes, but you need to have some or all of the applicable 21% taxes upfront or before closing, before the purchase can be completed.

For many prospective homebuyers in Ghana, raising a substantial upfront deposit can be one of the biggest barriers to homeownership. No Down Payment Mortgage solutions may provide an alternative financing structure for eligible buyers, subject to the lender's assessment, property requirements, affordability criteria, and applicable terms.

HOW IT WORKS

 A qualifying mortgage arrangement may allow an eligible homebuyer to finance the property without making a traditional upfront down payment. Depending on the specific mortgage structure, the transaction may involve:

1 Property selection — identify an eligible residential property.

2 Affordability assessment — review income, existing commitments, and repayment capacity.

3 Mortgage pre-approval — establish potential borrowing capacity before proceeding.

4 Property valuation** — determine the property's acceptable value for lending purposes.

5 Financing structure — establish how the purchase price and associated costs will be funded.

6 Legal and property checks — complete the required due diligence and documentation.

7 Completion and repayment** — complete the purchase and commence mortgage repayments according to the agreed terms. 

POTENTIAL BENEFITS

Reduced upfront capital requirement

Greater access to homeownership

Preserve savings for other essential expenses

Potentially faster progression from renting to owning

Structured monthly mortgage repayments

Access to eligible new-build and existing residential properties

WHO MAY QUALIFY ?

Eligibility will depend on the specific mortgage provider and product. Factors may include:

1 Stable and verifiable income

2 Affordability and repayment capacity

3 Employment or business income history

4 Credit and financial history

5 Property eligibility and valuation

6 Required identification and supporting documentation

7 Compliance with applicable lending requirements

IMPORTANT CONSIDERATION

No down payment does not necessarily mean no upfront costs. No where in the world, will you get a no closing cost mortgage with no down-payment requirement - you either get one benefit or neither benefit at all.

Depending on the transaction, buyers may still need to budget for items such as legal fees, valuation fees, insurance, taxes, registration costs, or other transaction-related expenses.

Mortgage availability, eligibility, interest rates, fees, loan-to-value requirements, and repayment terms vary by provider and transaction.