Peter Colls

Peter Colls

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With all of the new Government rule changes, we've been inundated with enquiries on the new minimum down payment requirements. Below please find the list which will be in full effect March 17th, 2011:

Purchase home to live in:

Fully qualifying: 5% down payment
Business-for-self program (specialty program): 10% down payment
Cash back mortgage: 5% down payment - lender gives client minimum required 5% down payment - in return, the client pays a higher interest rate for the 5 year term

Purchase rental property:
Fully qualifying: 20% down payment

Refinance home:
Fully qualifying and business-for-self program: 85% equity required