{"id":81,"date":"2010-08-08T04:20:20","date_gmt":"2010-08-08T04:20:20","guid":{"rendered":"http:\/\/65.60.53.50\/~quebecr1\/?p=81"},"modified":"2018-01-25T17:05:40","modified_gmt":"2018-01-25T17:05:40","slug":"purchase-financing-with-minimum-5-down-payment","status":"publish","type":"post","link":"https:\/\/quebec-real-estate.com\/en\/purchase-financing-with-minimum-5-down-payment\/","title":{"rendered":"Purchase Financing with Minimum 5% Down Payment"},"content":{"rendered":"<p><strong>General Requirements:<\/strong><br \/>\n\u2022 Half a year minimum period of residency in Canada;<br \/>\n\u2022 Credit history built for at least 6 months;<br \/>\n\u2022 Availability of two credit cards minimum in active use with total balance of $2000 for each applicant;<br \/>\n\u2022 Minimum 3 months of specialty-related work experience without a probation period;<br \/>\n\u2022 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;<br \/>\n\u2022 90% of the purchase price (with minimum 10% down payment) for a triplex or a quadruplex;<br \/>\n\u2022 Further residence in the real estate to be purchased is obligatory;<br \/>\n\u2022 Mortgage term is from 6 month to 10 years;<br \/>\n\u2022 The maximum mortgage amortization period is 35 years;<br \/>\n\u2022 The down payment can be made by a credit card, by using a line of credit or gifted by a close relative.<br \/>\n<!--more--><\/p>\n<p><strong>Down Payment Requirements:<\/strong><br \/>\nWhile applying for a mortgage, you have to prove that the money was taken from legal sources. This can be done as follows:<br \/>\n\u2022 Provide your bank account slip for the past 30 days with current amount on the account;<br \/>\n\u2022 If the money was received from sale of real estate, provide a notary letter with all the amounts distribution;<br \/>\n\u2022 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>General Requirements: \u2022 Half a year minimum period of residency in Canada; \u2022 Credit history built for at least 6 months; \u2022 Availability of two credit cards minimum in active use with total balance of $2000 for each applicant; \u2022 Minimum 3 months of specialty-related work experience without a probation period; \u2022 It is possible [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-81","post","type-post","status-publish","format-standard","hentry","category-mortgages"],"acf":[],"_links":{"self":[{"href":"https:\/\/quebec-real-estate.com\/en\/wp-json\/wp\/v2\/posts\/81","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quebec-real-estate.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quebec-real-estate.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quebec-real-estate.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quebec-real-estate.com\/en\/wp-json\/wp\/v2\/comments?post=81"}],"version-history":[{"count":3,"href":"https:\/\/quebec-real-estate.com\/en\/wp-json\/wp\/v2\/posts\/81\/revisions"}],"predecessor-version":[{"id":3610,"href":"https:\/\/quebec-real-estate.com\/en\/wp-json\/wp\/v2\/posts\/81\/revisions\/3610"}],"wp:attachment":[{"href":"https:\/\/quebec-real-estate.com\/en\/wp-json\/wp\/v2\/media?parent=81"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quebec-real-estate.com\/en\/wp-json\/wp\/v2\/categories?post=81"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quebec-real-estate.com\/en\/wp-json\/wp\/v2\/tags?post=81"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}