First Time Home Buyer Mortgage

For Canadians looking to make the move to homeownership, the  Homebuyer 95 program provides qualified borrowers with an opportunity to own a home with as little as a 5% down payment*

Acceptable Loan Purpose & Applicable Loan-To-Value Limits:

Purchase Transactions:

• 1 & 2 unit properties: 95% LTV
  • Property value ≤ $500,000 - 5% down payment required
  • Property value > $500,000 and < $1,000,000 - 5% down payment required up to $500,000, with an additional 10% down payment on the portion of the home value above $500,000

Eligible Properties:

• Maximum 4 units where 1 unit must be owner occupied
• New construction covered by a lender approved New Home Warranty Program
• Existing resale properties
• Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand
• Estimated remaining economic life of the property should be a minimum of 25 years
• In addition, for 3 & 4 units, the property must meet the following criteria:
  • Municipal zoning
  • Fully self-contained units
  • Estimated remaining economic life of the property should be a minimum of 25 years.
  • Must be located in a major centre with a viable investor market

Maximum Property Value:

• Property value must be less than $1,000,000. Exceptions may be considered for LTV ≤ 80%.