Helpful Programs First-Time Buyers
Posted by Kevin Klein on
Are you looking to buy your first home but struggling to come up with a down payment? These first-time buyer programs can help.
CMHC Mortgage Default Insurance
Admittedly, mortgage default insurance isn’t a “program” per se, but it is beneficial for helping first-time buyers realize their dream of home ownership. To purchase a home in Canada, you’ll require a minimum down payment of 5% on the home’s overall purchase price. Buyers with a down payment of 19.99% or less will be required to purchase mortgage default insurance, which protects the lender in the event you, the borrower, default on your mortgage loan.
In short, mortgage default insurance enables buyers to purchase a home with as little down payment as possible.
First-Time Home…
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