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February 3, 2010

Borrow Your Down Payment! CMHC Flex Down Program

With CMHC Flex Down, Approved Lenders can offer home buyers additional flexibility when purchasing a home, including the opportunity to purchase a home using a wider range of sources for their down payment such as borrowed funds and lender cash-back incentives.

Your Professional Link to the Canadian Mortgage Market CMHC Flex Down

For Borrowers With a Down Payment From Non-Traditional Sources:

With CMHC Flex Down, Approved Lenders can offer home buyers additional flexibility when purchasing a home, including the opportunity to purchase a home using a wider range of sources for their down payment such as borrowed funds and lender cash-back incentives.

Features:

  • Available for Purchase Transactions
  • Loan-to-Value ratios of 90.01% to 95%
  • 1 – 2 unit residential properties
  • Wider range of sources of down payment permitted
  • Flexible financing options – single advance, progress advance and extended amortization periods are available
  • Flexibilities available for the purchase of energy-efficient homes

Benefits of CMHC Flex Down:

  • Helps Provide Earlier Access to Home ownership – with as little as 5% down using flexible sources of down payment.
  • Flexible Down Payments – Wider range of sources of down payment permitted.
  • Competitive Interest Rates – Access to CMHC insured financing, and as a result, competitive interest rates.
  • Availability – Available coast-to-coast-to-coast with no set maximum loan amount.

 

 


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