A High Ratio Mortgage is available for members who have less than a 20% down payment, and as low as 5%.
- You can qualify with as low as a 5% down payment, reducing your initial cash outlay
- The down payment may come from various traditional and non-traditional sources
- The same features as an Advantage Mortgage or a Low Rate Mortgage but with an insurance requirement (see terms and conditions below)
This mortgage is right for you if:
- You have less than 20% for a down payment
- You wish to borrow against the equity in your home (to a maximum loan-to-value ratio of 80%)
Funding your down payment
It can be a challenge to come up with the down payment you need to purchase a home. The CMHC Purchase program allows you to use various traditional and non-traditional sources for your minimum 5% down payment, including:
- A personal loan
- A line-of-credit or credit card advance
- A gift from someone