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.
