The Classic Mortgage Purchase
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- Minimum down payment of 5% required (10% for four-plex) up to a purchase of $500,000. 10% is required on the portion exceeding $500,000 up to a maximum threshold of $1,000,000. For example, if you purchase a home of $700,000, your minimum down payment would be $45,000.
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- Purchases that exceed $1,000,000 require a minimum down payment of 20%.
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- Types of Income permitted: salaried, hourly, full-time, part-time, 100% commissioned, self employed, seasonal, contract.
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- Other eligible programs under The Classic Mortgage Purchase: New to Canada, Purchase Plus Improvement, Family Plan Program, Second Home Program, Vacation Property.
