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Vacation and Second Homes

Second Home

Whether you need a second home for a family member, or a cottage at the lake for weekend getaways, Canadians can now purchase a second home with an affordable monthly payment with a 5% down payment.


Acceptable Loan Purpose

  • Secondary homes (Type A) available for purchase and refinance
  • Vacation homes (Type B) available for purchase only. 10% Down payment is required.
  • 25/30 – year amortizations available on Secondary (Type A)

*Please Note: This program does not provide for the purchase of investment, rental pool or timeshare properties; therefore, incidental rental income will not be used for qualification purposes.

Eligible Properties

Secondary Homes (Type A Properties):

  • Maximum loan amount: $600,000
  • Up to two units maximum
  • Available for purchase and refinance

Vacation Homes (Type B Properties):

  • Property characteristics same as Type A properties except for the following;
  • Property need not be winterized
  • May have seasonal access (road not ploughed during winter)
  • Maximum loan amount:  $350,000 (exceptions will be considered on a case by case basis)
  • Available for purchase only

Qualification Requirements:

  • Minimum credit bureau score of 650 on all applicants for vacation properties.
  • No prior bankruptcy or judgements
  • No R3’s in the last 24 months
  • Gifted down payments from immediate family members are acceptable
  • No 3rd party guarantors for qualification purposes.
  • Minimum 5% down payment required, borrowed down payments are not permitted.
   

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