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Nina Afletunova    (647) 230-6200 Home Buyer Seller Tenant Mortgage Property Management Forum All Articles CMHC Mortgage Loan Your Credit Self-Employed 0% Down Pre-Qualification Pre-Approval Commitment Marriage Contracts Interest Rates Tax Rates Re-Financing Toronto Mortgage Glossary Links News Wrong Measeurements Property Assessment Condo or House? Tax Deductible Moving Expenses Title Insurance Increase in Prices US vs. Canadian market

funding your down payment - part 1 [1] [2] By: Canada Mortgage and Housing Corporation   Thanks to the Flex Down product introduced by Canada Mortgage and Housing Corporation (CMHC), many homebuyers across the country may now be able to buy a home sooner than they ever thought possible. Canada’s national housing agency, provides mortgage loan insurance to allow Canadian lenders to offer borrowers mortgages with a minimum of 5 per cent down payment. Prior to March 1, 2004, prospective homebuyers were required to source that down payment from their own resources. Now, with Flex Down, Canadians with a proven track record in managing their debt have a variety of sources from which they can fund this minimum down payment. How does it work? The Flex Down product allows homebuyers who qualify for the program to fund their down payment from a wide range of flexible new sources, including: Cash-back incentives from their bank, financial institution or other mortgage lender Equity borrowed from any other source at arm's length from the home purchase or sale, such as personal loans, credit cards or lines of credit Gifts or grants from a third party, such as parents, friends and family members that are arm’s length from the home purchase or sale Sweat equity – the value of labour they, or an arm’s length third party, contribute to help build the home Plus, homebuyers who use Flex Down can still choose between a variety of mortgage types and lending terms, including fixed, adjustable or capped variable interest rates, and interest terms as short as six months. Who qualifies? To be eligible to take advantage of the new program, potential buyers must be able to prove their ability to meet their debt requirements. This generally means having a good credit history, as well as sufficient income to support the financial obligations that come with a new home. How do I access the new flexibilities? To find out if this exciting new product is right for you, contact your bank or financial institution today. Then get started on your road to making your dream of homeownership come true!             Designed by © Nina Afletunova Realtor Not soliciting properties already listed for sale.