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February 23, 2004
CMHC Makes Finding Down Payments Much Easier


As of March 1, 2004, home buyers will have a wider choice in what they can use for a down payment.  Today, Canada Mortgage and Housing Corporation (“CMHC”) announced new options to make finding a down payment easier.  Borrowers normally needed at least 5% down payment from their own funds.  However, starting March 1st, this down payment can come from any source, including borrowed funds as well as mortgage lenders’ cash-back incentive programs.  Borrowers must still prove their ability to meet their debt requirements in order to qualify for mortgage insurance.  For further information, please call CMHC at 1-800-668-2642.


 
 




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| February 23, 2004 |
CMHC Makes Finding Down Payments Much Easier
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