Bob Hanscom Mortgage Agency

What can I use for a down payment?

PUT AS LITTLE AS 5% OF THE HOME'S VALUE DOWN. You can purchase a home with as little as 5% down with programs offered by Genworth Financial, the Canadian Mortgage Housing Corporation (CMHC) or Canada Guaranty and still get the best discounted rates. When the down payment is less than 20%, a mortgage loan insurance premium must be added to the mortgage amount. For down payments, you can:
    Use your RRSP's - with the Federal Government's RRSP Home Buyers Plan (HBP), qualifying first time home buyers can withdraw up to $25,000 per person from their RRSPs without tax penalties

    Gift money - an immediate family can give you money to help with the down payment

    Use your investments or savings - utilize your own resources to put money down

    Borrow the down payment - some of our lenders allow you to use borrowed resources from credit cards, personal loans, lines of credit and account overdraft
PUT ZERO DOWN. A few lenders have a special program where they give your lawyer the typical 5% required for the down payment. Contact us for details.

PUT MORE THAN 20% DOWN and in the majority of cases, mortgage loan default insurance is not required.

Next: COSTS OF PURCHASING A HOME

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