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

www.notapennydown.com

604-273-2002

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!