With as little as five per cent down payment, from personal or other sources (see below for eligible other sources), all home buyers have access to mortgage insurance enabling then to enter the housing market, as long as they can manage the costs of home ownership.
Details of the program
The maximum amortization period is 25 years.
Borrowers are required to demonstrate, at the time of application, their ability to cover closing costs equal to at least 1.5% of the purchase price.
Where the minimum equity requirement. is being met by way of a financial gift, the funds must be in possession of the borrower 15 days before making an offer to purchase.
For more information call CMHC at 1-800-668-2642 or access through www.cmhc.ca Mortgage insurance is available to both first time and repeat home buyers.
Five Per Cent Down Payment Program
So, if you are thinking of selling and buying a homes this year, should you buy or sell first? I've had many clients purchase before they sell. I just want you to have all the information so you can make the best decision for yourself and your family. You may read more about buying or selling first here
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I wish you much success, good health and happiness today and always!
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