What is the minimum down payment needed to buy a home?

The amount you can put down on a home will determine what type of mortgage you require. If you put down more than 20% of the home value and meet other criteria, you will qualify for a conventional mortgage.  If you put less than 20% down, it is considered a high-risk mortgage. You must have Mortgage Loan Insurance provided by the Canadian Mortgage and Housing Corporation (CMHC) or another third-party insurer.  In addition to the down payment, according to the insurer’s rules, you must have 1.5% of the purchase price available to cover the applicable closing costs including, but not limited to, legal fees and disbursements, appraisal fees and a survey certificate, where applicable. Not sure which option works best for you? Contact me today for more information on mortgage types and the income criteria needed for buying.