The minimum down payment required to purchase a home is 5%. For first time buyers, especially in Vancouver it’s pretty hard to come up with the whole down payment without a little help. For those people a gifted mortgage down payment can help them get to the 5% or even be used on top of what they have initially saved to help avoid paying CMHC mortgage insurance.
For self-employed borrowers using stated income programs that require a 10% down payment a minimum of 5% must come from the borrowers your own savings. The remainder may be gifted.
How do gifted mortgage down payments work?
If you would like more information about gifted down payments or on how to get pre-approved for a mortgage don’t hesitate to contact me or leave a comment.
