March 1, 2016

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CMHC Mortgage Information

Mortgage Information Effective February 15, 2016

Newsflash!! Effective today the rules are changing for the buyer that can only afford 5% down on a home purchase.

If the purchase is $500,000 or lower, the rules stay the same and you will be able to apply for a mortgage with a minimum 5% down payment.

If the purchase is over $500,000 – $1,000,000 you will be required to change the minimum down payment to:

1st $500,000 – 5% down payment

anything over $500,000, a minimum 10% down payment will be required.

eg: for a $650,000 purchase the minimum down payment:

$500K – $25,000.

$150K – $15,000.

total minimum down payment: $40,000

Any purchase over $1,000,000 is still not eligible for mortgage insurance and this will stay the same. (minimum 20% down payment required)

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