Q: My friend just bought a rental property  in Vancouver and she bought it with only five per cent down. How did she do that when CMHC changed the rules earlier requiring 20% down?

A: Although CMHC will only finance a rental property with 20 per cent down, they’ll still finance a “second home” with as little as five per cent down!

So what constitutes a 2nd home?

One difference is, no rental income can be used to help qualify and it’s also unlikely that CMHC will believe you’re buying a second home for yourself just down the street, so the application really has to make sense. You may also have to sign a statutory document at your lawyer’s stating that this is a second home.

Imagine having access to insider secrets…

call me 604-273-2002

or www.notapennydown.com

As usual, make it a great day and we’ll talk to you soon.

Mark Fidgett, Your Vancouver Mortgage Broker For Life



P.S. Who’s the next person you know who needs Help with their Stuff?
Be sure to give me a call so we can help them get on that path!