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First-time buyers and down payment

Mortgage guides for first purchases, RRSP HBP, FHSA, family gifts, low down payment and proof of funds.

11 results

Financing

Borrowed down paymentSome lenders accept a borrowed down payment, and the loan payment counts in your ratios. Here’s what that changes.Down payment proofA lender has to trace your down payment over three months. A large unexplained deposit blocks a file more surely than a modest down payment does.FHSA for first-time buyersThe FHSA gives $8,000 a year in deductible contributions, withdrawn tax-free for a first purchase. How it combines with the HBP.Foreign-source down paymentFunds from abroad need proof of the transfer and of their origin. What the lender wants to see, and how long the money has to have been here.Gift letter mortgageThe gift letter has to say who is giving, how much, and that the amount is not repayable. The wording lenders accept, and what gets it rejected.Gifted down paymentA family gift works as a down payment with a letter from the donor saying it isn’t repayable. What blocks a file is a deposit that can’t be traced.Non-family gifted down paymentA gift from a friend or a third party is accepted by few lenders and by no insurer. What can pass, and in what form.RRSP Home Buyers’ PlanThe HBP lets you withdraw up to $60,000 from your RRSPs for a first purchase, tax-free, repaid over fifteen years. What the lender asks for as proof.

Services

First-time buyerFirst-time buyers in Quebec: the real budget, available programs and every cost that lands beyond the down payment.Low down payment purchaseCompare the options available when your down payment is limited.

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