What are my options?
Buying a Home in Calgary, Alberta without a minimum of 20% down payment, requires a CMHC (Canadian Mortgage and Housing Corporation) mortgage. This holds true anywhere in Canada.
There are certain rules when dealing with the down payment. Our Federal Government has developed a program for Canadians to own homes without going to a conventional mortgage. A conventional mortgage requires a minimum of 20% down. That 20% gives the lender confidence because real estate shouldn’t go down 20% so the security on the loan is pretty safe.
The CMHC mortgage or government insured mortgage (high ratio mortgage) allows Canadians to put down up to 20 percent. You can go as low as 5% down through a CMHC insured…