Congratulations on considering your upcoming purchase! This offers an excellent opportunity to diversify your financial portfolio.

Buying a Primary Residence:

  • Minimum down payment required is 5% for the first $500,000, with 10% down on any amount beyond that threshold up to $999,999 (Minimum 20% for purchases over $999,999).
  • Note: You are considered a first-time homebuyer if you did not occupy a home that you owned or one that your current spouse or common-law partner owned — in full or in part — anywhere in the world.

Buying a Second Home or Vacation Home:

  • Minimum down payment: 5% of the purchase price or 10% if non-winterized or lacks year-round access (Minimum 20% for purchases over $999,999).
  • Rental considerations apply if planning to rent out the property.
  • For down payment, you may be able to use existing home equity through refinancing or a Home Equity Line of Credit (HELOC).

Who Can Qualify:

  • Qualification criteria include a credit score of 600 or higher for conventional mortgages, or alternative options if your credit score is lower.
  • Stable and sufficient income.
  • Debt-to-income ratio below 44%.
  • Learn more about down payments.

Check out my Homebuyers Guide, which outlines the homebuying process, great tips for securing your financing, and references to all the things you need to know!

Whether you’re self-employed, re-entering the market, or an experienced buyer with excellent credit, I provide full-service solutions with access to a complete range of products and competitive interest rates from major banks and alternative lenders. Get in touch or learn more about getting pre-approved!

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