Canadians from all walks of life can purchase a home more easily
Sunday May 27, 2007 BRITISH COLUMBIA MORTGAGE INFORMATION
Canada Mortgage and Housing Corporation
Saving for a down payment can be the hardest part of buying a home. Mortgage loan insurance from Canada Mortgage and Housing Corporation (CMHC) helps make it easier for Canadians to buy a home with little or no money down and benefit from mortgage loans at competitive interest rates normally reserved for home buyers who make a larger down payment.
CMHC offers lenders a wide range of flexible mortgage loan insurance options that help them offer mortgages with little or no down payment to a variety
of borrowers.
Newcomers
· Newcomers to Canada with permanent resident status may have access to CMHC insured mortgages from their lender, regardless of the length of time they have been in the country. When necessary, CMHC considers alternative sources of information such as banking history, net-worth, and other investments, as well as rent history and a record of paying fixed monthly expenses, when approving a mortgage loan insurance application.
· Non permanent residents legally entitled to work in Canada may be able to purchase a home with as little as a 10 per cent down payment with the help of CMHC Mortgage Loan Insurance.
· Self-employed borrowers can now, more than ever, access homeownership, with as little as five per cent down payment, thanks to CMHC’s Self-Employed Simplified product. It is specially designed for those self-employed borrowers who have difficulty providing traditional forms of third party income validation.
Benefit
· First time homebuyers and repeat homebuyers, including single parents can consider homeownership sooner and benefit from competitive interest rates without having to save a 20-per-cent down payment, with the help of CMHC Mortgage Loan Insurance.
Since CMHC introduced mortgage loan insurance in Canada in 1954, it has facilitated the financing of nearly nine million homes, helping Canadians achieve their dream of homeownership.
For more information on CMHC Mortgage Loan Insurance, borrowers are encouraged to contact their lenders or visit www.cmhc.ca. CMHC is Canada’s national housing agency and a source of objective, reliable
housing expertise and information. |
