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.
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
- 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.