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  • Minimum down payment is still 5% on first $500,000.00 and 10% on funds above $500,000.00.  Example $600,000.00 purchase.  Down payment is 5% on first $500,000.00 so $25,000.00 and 10% on next $100,000.00 so $10,000.00.  Total down payment $35,000.00.
  • High Ratio Mortgage Insured Mortgage  Anything with less then 20% down is considered High Ratio so has to be insured with CMHC, Genworth or  Canada Guaranty.  There are currently three insurers.
  • A High Ratio Insured Mortgage can only go up to a maximum purchase price of $999,000.00.  If purchase price is over $999,000.00 then a minimum of 20% down is required.  Conventional Mortgage
  • Maximum amortization is 30 years.  This is only available on a mortgage with 20% down or more.  A Insured Mortgage with less then 20% down can go to a maximum of 25 year amortization.
  • Most lenders A (Preferred Lenders)  An A mortgage lender is a lender offering the best terms with the minimum down payment requirements so 5%.  Lenders include Banks, Credit Unions, Trust Companies and Monoline Lenders.  (Monoline Lender are mortgage lenders that just sell mortgages so do not sell credit cards, investments etc.)  A lenders need a beacon score above 650.  Even 700 on some products.
  • A B lender is a lender who will work with borrowers who have damaged credit or borrowers who cannot meet the traditional income qualification.  For example Self Employed borrowers who write off a lot of  their gross income can fall under the B lending program.  Although they do not have the Tax Return Net Income to support the mortgage they require under the program the lender will accept bank deposits.  Under B lending a minimum of 20% down is required.   (So if a self employed/commission borrower has less then 20% down and also cannot meet the income requirement for A lending they will need to seek a co signer if they want to obtain a mortgage.
  • Rental Properties need a minimum of 20% down.
  • Rental Properties with 5 or more units are considered under commercial financing.