Buying Your Home With Less Than 20% Down
All mortgages that are above 80% of the purchase price must be insured with mortgage insurance under The Bank Act (CMHC or GE Capital insurance).
The premium for having a downpayment that is between 5% and less than 10% is only 2.9% of the purchase price (reduced from 3.25% earlier in 2005). All of the above programs have credit score and debt servicing requirements that are carefully reviewed.
In some cases, there are programs that allow for a 95% mortgage and the balance of the downpayment borrowed from another source. This has a slighly higher premium and is only available in certain cases.
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