Interested in getting a home away from home but don’t know what the qualifications are?
Buying a second home for yourself or a family member or a vacation home is much simpler then it might seem. Homeowners buying a second home can purchase the second property with as little as 5% down with the following considerations:
- Down payment can be from own resources or other sources such as gifted or loaned down payment
- The property must be owner occupied during the year or occupied by a family member
- The property can be new construction
- A maximum of two homes can be insured by mortgage insurers in Canada
- The property must have year round access
- Timeshares and rental pool are excluded
Talk to us at Kidney Mortgage today to find out if you qualify for a second home!