Well....not everything has changed...
- buyers can still purchase with 5% down for owner occupied homes
- no downpayment option is still available under the 5% cashback program (keeping in mind this is at a higher rate
- the maximum amortization on CMHC Insured Mortgages is 30 yrs.
- if you want to refinance your existing home, perhaps to take out equity to purchase another property, etc., the maximum is 85% loan to value
- buyers can still purchase a second home, cottage, home for a child etc. with 5% down as long as they qualify without using rental income
- buyers need 20% down when purchasing a rental property and must qualify using anywhere between 50% and 80% of the rental income (100% of the rental income is never used)
These are some of the basic guidelines....everyone's situation differs....do your homework, speak with a professional and get the best advice possible.
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