- Real Estate Legal Experts
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200-215 Jardin Drive
Concord, ON L4K 1X5
Tel: (905) 669-7577
Fax: (905) 669-5525

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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