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.”

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