New CMHC guidelines open opportunities for those without a downpayment
TORONTO, February 24, 2004 – Canadian homebuyers no longer need to save a minimum of five per cent of the purchase price when buying a home, as outlined by new options from the Canadian Mortgage and Housing Corporation (CMHC) beginning March 1, 2004. But according to Invis, Canada’s largest independent mortgage brokerage, these new options bring a number of implications for homebuyers in the hunt for the best mortgage deal.
“CHMC has recognized there's a specific segment of the population, in particular first-time buyers, who shouldn't have to wait to save a minimum five per cent cash in order to qualify for lending,” said Andrew Moor, president and CEO, Invis. “It can take several years to save for a downpayment – and Canadians with healthy incomes who understand what they can afford now have a number of new options available to them.”
The new options from CMHC – which allow a downpayment to come from lender incentives or be borrowed – have a number of implications for homebuyers, including:
Invis is Canada’s largest independent mortgage brokerage with a national team of over 550 mortgage consultants. Invis mortgage consultants provide unbiased financial analysis, mortgage sourcing and mortgage recommendations for both first-time homebuyers and repeat buyers. In 2003, Invis assisted clients with $3.7 billion in mortgages. For more information, contact Invis at 1-866-854-6847 or visit www.invis.com.