PROGRAM - The Investment Property Program is designed to offer borrows the ability to purchase or refinance an investment property. Canadian Legislation stipulates that the borrower must have a minimum of 20% equity so the maximum financing for a property is 80% of the property’s deemed value. Not all mortgage lenders offer the same programs as some may have a lower financing caps for an investment property. As an example, a lender may offer 80% financing for a purchase but only 75% if a rental property is being refinanced.

General Transaction Information

• Purchase, Refinance & Switch/Transfer are available
• Property Types 1-4 units, Condo, Townhouse & Single Family
• A minimum of 20% Down Payment required from borrower’s own funds
• Down Payment Source Exceptions may be available
• Minimum Mortgage Amount is $50,000
• Current Rental Lease used for Rental Income
• No Rental Lease, Market Rent can be used
• Fixed & Variable Mortgage Terms are available
• Amortization up to 30 years is available
• Higher Credit Scores are generally required (680+)
• Financing Percentage may be capped based on Credit Scores
• Full Property Appraisal Required
• Number of Investment Properties may be capped by Lenders
• Alternative & Private Mortgage Markets also consider Investment Property Financing

Further requirements and/or qualifications may be applicable. Contact Chris to further discuss this mortgage program regarding your specific circumstances.