Does 40% downpayment requires income verification?

[vnwind]

Hi everyone,

I have foreign friend that wants to invest in Canada and he was curious what is the minimum downpayment that he needs to able to purchase a rental property? Does it even exist?



Thanks

 

[3canctheayr]

For Canadian residents, down payments for investment properties vary between 20 and 35% depending on the situation and financial institution. For foreign residents, I'm not sure. In the US, banks have tended to avoid giving mortgages to many non-residents, at least since 2008 anyways...



You could probably call a mortgage broker, they might be able to help you with that......

 

[Thomas Beyer]

It depends on the overall networth. 25% - 35% down usually, but some very high networth foreign individuals still get mortgages with 20% down. Depends on the overall banking relationship. If foreigner has zero Canadian bank relationships and its foreign affiliate then 35% down usually.

 

[vnwind]

Thanks Thomas, do you know any mortgage broker that specialize in this so I can refer my friend to talk to?