As your family grows, so do your needs. We can take weeks off the process, all for the lowest rate and great terms! With lifestyle demands, a second home in the city to reduce that weekly commute, or a cottage at the lake for weekend getaways can be very appealing. In 2003, CMHC and Sagen introduced a product to make this process more feasible - with as little as 5% down!
*The program does not provide for the purchase of an investment, rental pool or timeshare properties; therefore, incidental rental income will not be used for qualification purposes.
'Loan-to-value' (LTV) is the relationship between the principal balance of a mortgage and the property value. For example, if you have a house valued at $100,000 with a $90,000 loan, you have a 90% LTV ($90,000 divided by $100,000 = 90%).
Turnaround times in this program are outside the standard purchase business levels. Property specifications