(514) 889-0037
Contact me
Home > mortgage > Purchase Financing with Minimum 5% Down Payment

Purchase Financing with Minimum 5% Down Payment

General Requirements:
• Half a year minimum period of residency in Canada;
• Credit history built for at least 6 months;
• Availability of two credit cards minimum in active use with total balance of $2000 for each applicant;
• Minimum 3 months of specialty-related work experience without a probation period;
• It is possible to finance up to 95% of the purchase price (with minimum 5% down payment) for a single-family house or a duplex;
• 90% of the purchase price (with minimum 10% down payment) for a triplex or a quadruplex;
• Further residence in the real estate to be purchased is obligatory;
• Mortgage term is from 6 month to 10 years;
• The maximum mortgage amortization period is 35 years;
• The down payment can be made by a credit card, by using a line of credit or gifted by a close relative.

Down Payment Requirements:
While applying for a mortgage, you have to prove that the money was taken from legal sources. This can be done as follows:
• Provide your bank account slip for the past 30 days with current amount on the account;
• If the money was received from sale of real estate, provide a notary letter with all the amounts distribution;
• If the money was gifted by one of your relatives, provide a deed of gift letter stamped by the bank, which confirms the money availability on your account or bank account slip for the past 30 days.