Down payment for a home
The County of Simcoe Affordable Homeownership Program offers 10% down payment assistance to help eligible renters become homeowners. Learn about purchase limits, income requirements, repayment rules, and how to apply for this Ontario housing support program.
The county of Wellington Affordable Homeownership Program The county of Wellington Affordable Homeownership program was established to provide households with an interest-free loan to assist them in purchasing their own home. The program will assist eligible applicants with a down payment (up to 10% of the purchase price to a maximum of $20,000.) for the…
In partnership with the Government of Canada, the Province of Ontario, the City of Brantford and the County of Brant, the B-Home Program has been developed to assist low to moderate income earners realize the dream of owning their first home. The purpose of the B-home Homeownership Program to: Make first time home ownership a…
Are you an UBER driver? This is very important for you! Are you not but you happen to know someone who is? Whisper this to him/her. Being UBER a fairly new company, some people are not aware of how they can use the proceeds of their work as UBER driver as a qualifying income to help…
On October 3rd, 2016 Bill Morneau, Minister of Finance announced “Preventative measures for healthy, competitive and stable housing market”. The intention is to address the growing household debt and rapidly rising house prices. Learn about the new qualifying federal mortgage rules changes that will affect your mortgage affordability during the qualification process and what can you do…
New rules affecting low ratio mortgages The new rules affecting low ratio mortgages or mortgages backed by portfolio insurance are effective from November 30th, 2016. The following are new mortgage rules for low ratio mortgages, (Over 20% down payment = low ratio mortgage) The new refinancing rules have been postponed to start taking effect on May 1, 2017,…
The new rules affecting high ratio mortgages are effective from October 17th, 2016. The following are new mortgage rules for high ratio mortgages, (under 20% down payment = high ratio mortgage). From October 17th, 2016 onwards all borrowers (including those seeking a mortgage with a 5 year or longer fixed rate, insured mortgage with a variable rate, fixed…
Considering co-signers to help your mortgage may be a very smart thing to do in regards to money-saving, however, this advantage may come with some potential risks that may end up consuming some of those savings or even worse, potential legal conflicts. A good family that I know wanted to buy a house to stop…
Gifted down payment Gifted down payment are funds given to a mortgage applicant by an immediate family member to be used to qualify for a mortgage or simply to lower the mortgage amount. It is a very common and popular mechanism used by parents or siblings to support their family members financially without expecting the support being…
down-payment from RRSP’s If you as a first-time home-buyer are planning to buy your home this year and are facing the question of where will you get the down payment from? This article is for you. One can only admit that the advantages given, by the Government of Canada when it comes to promoting homeownership are…
Home purchase Assist program from First Swiss Mortgage Corporation First Swiss Mortgage will lend a second up to 95% LTV, that client can use to reduce the first mortgage amount below CMHC margin. Which means – no CMHC premiums, and less down-payment form client’s own sources Not everyone can afford 20% down-payment, especially at the…
Financial character Financial character is the mental and moral group of qualities presented by an individual in regards to his/her behaviors when it comes to his/her financial agreements. Your credit score may not be good enough to qualify for a mortgage! Your high income may not be sufficient to qualify for a mortgage! Have you suffer…
35,000 home buyers plan Raising the amount allowed to be borrowed from your RRSP’s savings account from 25,000 to 35,000 to be used as a home down payment is a “Plan” that one of the candidates for the prime minister’s office is looking to champion So far this is only a “Plan”, but how interesting is that to you…
Home sale prices in Ontario Is it really worth it to buy a house? That is a question that some renters that I have come across with have or had, like John and Sue (not real names) from Toronto, who were renting because they never thought that they could buy a house considering their financial…
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