Standard Purchase
For Borrowers With a Traditional Down payment of 5% or More
Approved lenders can offer CMHC insured financing up to 95% of a home's value on purchase transactions with a traditional source of down payment, and help make dreams of homeownership come true.
Features
- Available for purchase transactions
- Loan to value ratios up to 95% for 1-2 unit residential properties
- Loan to value ratios up to 90% for 3-4 unit residential properties
- Flexible financing options - single advance, progress advances and extended amortization periods are available
- Available for Permanent and Non-Permanent Residents (Maximum Loan-to-Value for Non-Permanent Residents is 90%)
- Flexibilities available for the purchase of energy-efficient homes
Benefits of CMHC's Standard Purchase Product
- Helps Provide Early Access to Homeownership - With as little as a 5%
down payment.
- Competitive Interest Rates - Fixed Rates, Variable Rates, Prime Rate
- Availability - Available coast-to-coast-to-coast with no set maximum loan amount (individual lender maximums will apply)
Amortization Options
Borrower Qualification
- Minimum credit score of N/A. Maximum debt servicing ratios of 35/42.
- No GDS requirement if credit score over 700. Maximum TDS of 44%.
Application Premiums
(Owner occupied properties) |
Surcharges |
| Loan to value Ratio |
Premium on Total Loan Amount |
Premium on Increase to Loan Amount for Portability |
Extended Amortization; Add 0.20% for every 5 years of amortization beyond the 25 year amortization period.
Blended Amortization For Portability and Refinance 0.50% 5 Years (5/20) 0.25%, 10 Years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35%
|
| Up to and Including 65% |
.50% |
.50% |
| Up to and Including 75% |
.65% |
2.25% |
| Up to and Including 80% |
1.00% |
2.75% |
| Up to and Including 85% |
1.75% |
3.50% |
| Up to and Including 90% |
2.00% |
4.25% |
| Up to and Including 95% |
2.75% |
4.25% |
