You need to speak with a lender about your particular situation for a couple of reasons. There are complexities that we as Realtors are not qualified to answer. The other issue is that it looks like you are in Canada and we don't know if you are a citizen or what all of the issues may be. Also we don't know if or how much your mom owes on the home. This is probably not the right forum for this specific question. All the best in working this out.
Your Castle Realestate
Sure, you can buy her home without a downpayment. It's easy.
There's no law that says you have to apply somewhere for a mortgage. Just make it a private transaction between you and her.
Basically, she'd be the "bank." There'd be a mortgage, but every month you'd just pay her. She could sell it to you for whatever she wanted--$280,000 for a home valued at $330,000 is fine. Just running the numbers quickly, on a 30 year mortgage at 6%, you'd pay her $1,679 (principle and interest). You'd also be responsible for the property taxes. And that'd be with no money down; she'd create a $280,000 mortgage.
If you sold your current house, the question would be how much equity do you have, and how much of that would you plan on using for a downpayment? If your mom agrees, you don't need any downpayment. But let's say you put 10% down. So you'd be finanncing $252,000. In that case, at 6%, 30 years, you'd pay her $1,511 every month.
So, unless she wants all her cash up front, don't hassle with getting a mortgage from somewhere else. Save all the junk fees and unnecessary expenses. You'll probably have some costs--most jurisdictions usually have some transfer tax. But just go to a good real estate lawyer and he/she can draw up all the papers.
Also, your mom should check with an accountant regarding all the tax implications that might be involved.
Hope that helps.
Thanks for your question. If your deal is International, you should be speaking with a real estate agent and lender who specilaizes in that. I would be glad to put you in touch with both broker and lender if you would like me to.
Also, if you have a house to sell in Denver, I would be glad to give you a FREE consultaion and professional opinion about the value of your home. Call me at 303-856-8980 as I would be glad to help you with that.
Keller Williams - DTC
The Besser Choice in Real Estate!