Blog by DOINA BIOLAN B.Comm

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BORROWED DOWN PAYMENT PROGRAM CHANGES

 Borrowed Down Payment program changes

As per new OSFI regulations, most banks will no longer participate in this program.

Down payments must be from own resources and/or gifted from an immediate family member.

 Only down payments borrowed against a secured line of credit will be acceptable and 1.25% of the balance will be added up into your other debts, bringing down the maximum mortgage loan that you qualify for.