What is the minimum Down Payment?

The minimum down payment when purchasing an owner occupied home is 5%.

• Saved – money saved from our own resources.
• Gifted Funds – most lenders will accept down payment funds that are gifted from family as an acceptable down payment. A gift letter signed by the donor is required to confirm that the funds are a true gift and not a loan that needs to be paid back.
• RRSP – The Home Buyers Plan is a federal government program that allows homebuyers to use up to $25,000 for each purchaser from his/her RRSP.
• Borrowed Down – in some cases, if you have good well established credit, you can borrow your down payment.