Does anyone know about getting a 5% down mortgage if you agree that it is a secondary family home or you are planning to allow a relative to occupy it as a secondary family home or rent free?
I've heard that this a good way for investors to be able to buy 3 properties for 5% down even though they intend to rent them out.
Is this a grey area that should be avoided or, as I've been told, is it a CMHC loophole that they probably even know about that has been used for the past 8-9 years?
I've heard that this a good way for investors to be able to buy 3 properties for 5% down even though they intend to rent them out.
Is this a grey area that should be avoided or, as I've been told, is it a CMHC loophole that they probably even know about that has been used for the past 8-9 years?