What Is The Minimum Down Payment Needed For A Home?

A minimum down payment of 5% is required to purchase a home, subject to certain price restrictions for homes purchased above $500,000 and 1 million.
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A minimum down payment of 5% is required to purchase a home, subject to certain price restrictions for homes purchased above $500,000 and 1 million. In addition to the down payment, you must also be able to show that you can cover the applicable closing costs (i.e. legal fees and disbursements, appraisal fees and a survey certificate, when applicable). Regardless of the amount of your down payment, at least 5% of it must be from your own resources or a gift from a family member. Lenders will generally accept a gift from a family member as an acceptable down payment provided a letter stating it is a true gift, not a loan, is signed by the donor. Mortgages with less than 20% down must have mortgage loan insurance provided by either CMHC, GE, or CG.

Ian Clark Mortgages

Ian Clark Mortgages

“It’s a people business in a complex industry that is consistently changing. My role is to take the stress out of homeownership and represent your best interests until you are mortgage-free.”

About

East Coast Mortgage Brokers is Newfoundland and Labrador’s premier mortgage company. Founded in 2010, we work with Canada’s top lenders to ensure our clients get the best deal for their mortgage.