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The Evolution of Home Ownership: Adapting to New Possibilities

Updated: Jun 23, 2023

In my role as a Mortgage Broker, I have the privilege of witnessing clients fulfill their aspirations of owning a home on a daily basis. I want to assure you that the dream of home ownership is very much alive. Here are a few of the most common strategies I see:

Gifted Down Payments

Received gifted funds from a family member (parents, adult siblings, etc.) is a great way to kick-start the road to home ownership. Gifted funds must typically be from a direct family member and it’s crucial to be able to provide the history for those funds for at least 90 days before applying for a mortgage.


A co-signer (typically an adult family member), with a strong credit profile and stable income can significantly enhance your borrowing capacity with a mere signature. A co-signer is on the mortgage and title for the property, so it’s important to acknowledge that requesting someone to assume the responsibility of your mortgage in the event of default is a substantial request. Having said that, in a few years when you’re able to qualify on your own, the co-signer can be removed.

Shared Equity Programs

One strategy that has gained popularity is participating in shared equity programs. These initiatives allow individuals to collaborate with investors or government organizations who contribute a portion of the down payment in exchange for shared equity and potential appreciation of the property. This collaborative approach can make home ownership more attainable, particularly for young buyers who may not have had sufficient time to save up a significant down payment.


Rent-to-own programs have also emerged as a viable option. In these programs, a portion of the rent payment contributes towards the eventual down payment, enabling individuals to accumulate their down payment without the need for additional funds. Additionally, rent-to-own arrangements allow individuals to secure a purchase price at today's value while building their credit before formally purchasing the property and qualifying for a mortgage. To explore rent-to-own opportunities, I recommend consulting a reputable realtor in your area who can assist you in finding suitable options.

The path to home ownership is as diverse as the individuals pursuing it. The dream of home ownership is still within reach, you simply need a plan, and I’m here to help you make one. As an Accountant (CPA, CA) and fully licensed Mortgage Broker, I’m here to help. You’ll get a full purchase budget, breakdown of your options, etc. and the best part? All of my services are free.

Book a call anytime and let’s get started.

The Mindful Mortgage

Leigh Cho-Young, CPA, CA, Mortgage Broker,

Licensed with BRX Mortgage, FSRAO #13463


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