Do I qualify for the 5% downpayment program?
• The home must be located in Canada and is to be occupied as your principal residence. • You have from your own resources a down payment of at least 5% of the purchase price of the home. • Your mortgage payment must not exceed 32% of your gross household income. This includes payment of principal + interest + property taxes + heat + condo fees (if applicable). • You must be able to cover closing costs equivalent to at least 1.5% of the purchase price. • You meet the lender’s eligibility requirements regarding income, employment and credit worthiness.
