First Time Buyers Need to Know
The rules are changing.
If you are a First Time Buyer and are considering purchasing with 0% down payment you should read the following article from CMHC (Central Mortgage & Housing Corporation.
CMHC is a government entity which insures lenders (Banks & Credit Unions) when they provide mortgages to buyers who are purchasing with less than 20-25% down payment.
Until recently it was becoming more common for buyers to consider buying with a zero down payment and possibly extending their payments over a period of 40 years.
This was sanctioned by CMHC as a means of 'helping' buyers with good income, but little or no cash, to enter the Real Estate Market. There is still a little time to take advantage of that scenario, however we encourage you to look closely at this option to see if it is, indeed, a risk that you are comfortable with.
http://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/moloin_010.cfm
Thinking of Buying or Sellihg? We welcome your questions.
Regards - Don & Patty