Hi, all
Trying to get Financing by condition date: Jan. 22, 2010 for my first rental property (4 plex in Halifax, NS) and my mortgage broker just told me that CMHC will not accept a gift as a down payment.
Sale price 408k
I`m putting 10% (most I can put down), amort 35 years.
The down payment is coming from a relative and it`ll be wired transferred (from oversears) into my account so my account will all of a sudden have an extra 50-60k...
What are my options? say it`s coming from an investment account that me and my relative has overseas?
what paperwork will I need?
thanks in advance for any feedback.
Chung
Trying to get Financing by condition date: Jan. 22, 2010 for my first rental property (4 plex in Halifax, NS) and my mortgage broker just told me that CMHC will not accept a gift as a down payment.
Sale price 408k
I`m putting 10% (most I can put down), amort 35 years.
The down payment is coming from a relative and it`ll be wired transferred (from oversears) into my account so my account will all of a sudden have an extra 50-60k...
What are my options? say it`s coming from an investment account that me and my relative has overseas?
what paperwork will I need?
thanks in advance for any feedback.
Chung