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Buyer Tips


With as little as five per cent of the purchase price, all home buyers now have access to mortgage insurance enabling them to enter the housing market, as long as you can manage the costs of home ownership.


  • Mortgage insurance for 95 per cent mortgages is now available to both first time and repeat home buyers.
  • Buyers using the Program may consume up to 32 per cent of their gross family income for payments of principle, interest, property taxes and heating. Total debt load cannot exceed 40 per cent of family income.
  • Insurance premiums on loans above 90 per cent of the lending value of the house will be 3.75 per cent of the mortgage loan. This premium can be added to the mortgage.
  • Price restrictions include a $300,000 ceiling on homes purchased in the Greater Toronto Area.
  • The maximum amortization period is 25 years.
  • Borrowers are required to demonstrate, at the time of application, their ability to cover closing costs equal to at least 1.5% of the purchase price.
  • Where the minimum equity requirement is being met by way of a financial gift, the funds must be in possession of the borrower 15 days before making an offer to purchase.

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