New Down Payment Rules

By February 2, 2016All Entries, Real Estate
New Down Payment Rules

If you have recently been looking into purchasing a home, you may have been concerned about the new down payment rules that take effect February 15th. Fortunately, you may not be affected by this new change. If you are buying a home under $500,000 this rule does not apply to you. The minimum down payment required is still 5% for homes that fall under the $500,000 mark. Do not be afraid if you are hoping to purchase a home that is over $500,000; you still only have to pay the minimum 5% down payment and 10% on the remainder. Atrina Kouroshnia, a mortgage broker from Vancouver, explains further how the new down payment rule works in an online article. Click here to read the article or contact me with any questions or concerns you may have.