What is Borrowed Down Payment?
There are a variety of programs and options available to assist you in purchasing a home and to begin creating equity sooner, including the option to borrow all or part of of your down payment.
You have the option of applying for a personal loan or a personal line of credit and utilizing the funds from either of these options as your down payment.
Her are the minimum down payment amounts (in Canada):
- 5% for homes priced at $500,000 or less
- 10% for homes priced between $500,000 and $999,999
- 5% of the first $500,000
- 10% for the portion of the purchase price above $500,000
- 20% for homes priced at 1 million or more
It is important to note that certain financial institutions do not permit this because a down payment is meant to show that you have the means to purchase a house.
However, there are options that we can explore together.
There is no one-size-fits-all formula. The ideal solution will depend on your:
- personal situation (finances, income, etc.)
- plans
- budget (available funds)
- timelines
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