My real estate agent recently passed on an email from a mortgage broker soliciting business claiming a way around the 20% down rule. It all looks bogus to me and I`m not contemplating using this firm (which will remain unnamed) but I thought I would post a transcript of the email for comments on this board. I suppose this could technically be legal if it was private money...
On April 19[sup]th[/sup] 2010 the Canadian Federal Government introduced a new rule: Rental / Investment Property cannot be insured by mortgage insurers unless there is 20% minimum down payment. Almost every mortgage lender adopted this standard.
However, one of our lender partners do not get their mortgages insured from CMHC, GENWORTH & Canada Guaranty. Instead, they insure their mortgages themselves. So this new rule doesn`t apply to them.
That means your investor clients can purchase Rental / Investment property with this lender for only 10% down payment (90% LTV)! Yes, you heard it right, with 10% down payment only. In addition, existing Rental / Investment properties can be re-financed up to 85% LTV as well.
Let us start helping you increase your sales this summer! Our mortgage brokers and agents will show you how to maximize each potential real estate transaction when you get the power of the largest Canadian Mortgage Broker Network working for you.
On April 19[sup]th[/sup] 2010 the Canadian Federal Government introduced a new rule: Rental / Investment Property cannot be insured by mortgage insurers unless there is 20% minimum down payment. Almost every mortgage lender adopted this standard.
However, one of our lender partners do not get their mortgages insured from CMHC, GENWORTH & Canada Guaranty. Instead, they insure their mortgages themselves. So this new rule doesn`t apply to them.
That means your investor clients can purchase Rental / Investment property with this lender for only 10% down payment (90% LTV)! Yes, you heard it right, with 10% down payment only. In addition, existing Rental / Investment properties can be re-financed up to 85% LTV as well.
Let us start helping you increase your sales this summer! Our mortgage brokers and agents will show you how to maximize each potential real estate transaction when you get the power of the largest Canadian Mortgage Broker Network working for you.