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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%.

Borrower Qualification:

  • Income & Employment
    • Standard income/employment verification requirements apply
  • Credit
    • > 80% LTV Minimum credit bureau score of 600 is recommended
    • 60.01 – 80% LTV Minimum credit bureau score of 580 is required
    • ≤ 60% LTV Minimum credit bureau score of 580 is recommended
  • Down Payment

    • Qualified home buyers may use traditional down payment sources including personal savings, RRSP withdrawal, non-repayable gift from immediate family member(s), sweat equity, existing home equity, proceeds from sale of property
    • Government grants may be considered. 
  • Additional Criteria
    • For 3 & 4 Units, the additional guidelines apply:
      • Borrowers must have clean credit, stable employment/income, down payment from own resources, positive net worth and liquid assets to cover 3 months payments
      • If the down payment is a gift, we require an acceptable guarantor. A guarantor is also needed if there are significant variations from the qualification guidelines.


Obtaining a mortgage for the first time can be a little overwhelming.   Let me know if you need a good mortgage broker.  I have worked with some of the best in the industry, who would be more then willing to walk you through the process.