August 16, 2018


The hardest part of buying a home is saving the necessary down payment. By insuring your mortgage through CMHC or Genworth we can help open the doors to homeownership by enabling homebuyers to purchase with a minimum of 5% down payment


  • For 1-2 units up to 95% financing: For 3-4 units up to 90% financing
  • Maximum amortization: over 80% financing, 25 years: under 80% financing, 40 years
  • Property must be suitable for year-round occupancy, properties on an island must have year-round bridge or ferry access
  • Time-share interests, life leases and properties in rental pools are not eligible
  • Maximum Purchase Price: $1,000,000
  • Must be intended to occupy property within the year by the borrower or a relative of the borrower, rent free basis
  • Credit Score: 650-680 GDS/TDS: 35%/42%: over 680 GDS/TDS: 39%/44%

Insurance Cost (added to the Mortgage Amount):

Up to and including 65% .50%
Up to and including 75% .65%
Up to and including 80% 1.00%
Up to and including 85% 1.75%
Up to and including 90% 2.00%
Up to and including 95% 2.75%
(Add .20% for every 5 years of amortization beyond the 25 years amortization)

Amortization periods: >80%: Up to 25 years, <80%: Up to 40 years DOWN PAYMENT Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity, land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative BORROWER ELIGIBILITY Permanent residents of Canada include immigrants that intend to remain permanently in Canada. For borrowers without a Canadian credit history, where the LTV is >80%, alternative sources of credit history is available i.e. rent payments

Purchase Plus Improvements

I can help qualified home buyers make their new home just right for them, with tailored improvements immediately after taking possession. Offers greater financing choices to borrowers who are building new homes or who want to undertake small or large-scale improvements to existing homes where the improvements will increase the value of the property. All this can be done with only 5% down.

If the proposed improvements exceed 20% of the purchase price or $40,000, proposed renovations plus cost estimates must be provided.

The same “Costs and Features” and “Insurance Costs” as stated above.