Family Plan Mortgage

Family plan mortgage is a mortgage loan that allows an immediate family member to assist financially another immediate family member in the purchase of a new home

Family plan mortgage is one of the insured, owner-occupied mortgage loans, good credit rating is necessary and both members of the family must be included in the property title.

Family plan mortgage is great for the following examples:

• A parent who wishes to help an adult entrepreneurial child buy a home

• A parent helping to buy a home for an adult child at a post-secondary educational facility

• An adult helping to buy a home for elderly parents who are living on a fixed income

Insured Mortgage Facts:

• 2+ members of the family purchasing a home

• All applicants must be on title

• For immediate family members

Eligible properties:

• Number of units: Max 2 – at least one should be owner occupied

• Good conditions property in marketable area in municipality with resale value stability

• New constructions or existing properties