Don’t have 25% down? your perfect option: CHMC or GE Capital
CMHC, GE Capital (Unconventional Mortgage, less than 25% down)
What is it?
Two programs are available that let you buy a home for as little as a 5% down payment. One is administered by GE Capital Mortgage Insurance Co, a private sector insurer, and the other by CMHC, a Federal Crown Corporation. Read carefully; the small print could create unexpected hitches! Use a Skylark Holdings Limited Mortgage Consultant to guide you through the process. Who is eligible? Any qualified borrower who meets the following lending criteria: ·A first time buyer who wishes to purchase a home whose value is above the "ceiling" established in that area for the First Home Loan Insurance Program. OR ·A non-first time home buyer who has 10% or more as a own payment.