Is it allowable to borrow from relatives for a down payment on a rental property? If not, is it allowable to be gifted the funds from a relative? If a gift is allowed, what steps will the financial institution take to determine that it is indeed a gift? Lastly, if the above are allowed, is...

QUOTE (RobMacdonald @ Feb 20 2010, 01:49 PM) No, that`s not true. You can still put down 5% until the rules change in April. Has your application been submitted to CMHC? It can happen that CMHC won`t offer 5% because of other circumstances and request 10% down. But, if you can qualify 5%...

I`ve just made an application through my bank for a 5% down CMHC backed mortgage trying to get it under the April 19th deadline for the new CMHC changes where 20% down on rental properties with a CMHC backed mortgage will be required and I was advised that CMHC is requiring 20% down even though...