Hi Everyone,
A friend found a legal triplex to buy. Currently, the seller leaves in the plex and does not rent out any unit.
My friend plans to move in upon closing and do the same - not rent out any unit or maybe rent out just one of the units.
Can he put 5% down?
I heard 1 or 2 units - 5% down with CMHC is possible
3 or 4 units - minimum 10% down with CMHC is possible
If he moves in instead of renting out the triplex, can he put only 5% down as a primary residence?
Thanks,
Neil
A friend found a legal triplex to buy. Currently, the seller leaves in the plex and does not rent out any unit.
My friend plans to move in upon closing and do the same - not rent out any unit or maybe rent out just one of the units.
Can he put 5% down?
I heard 1 or 2 units - 5% down with CMHC is possible
3 or 4 units - minimum 10% down with CMHC is possible
If he moves in instead of renting out the triplex, can he put only 5% down as a primary residence?
Thanks,
Neil