RENTAL PROPERTIES.

 Rental properties with 1-2 units can be purchased with as little as 5% down payment or 10% down payment for 3-4 units. Providing that you have fairly good credit, you can use a borrowed down payment as long as it is from a source that has a verifiable monthly payment (such as a line of credit or a credit card). Proof of rental income in the form of a signed lease agreement will be required as a condition of the Mortgage. Employment income must be verified with a letter of employment and a recent pay stub. 

VACATION HOME OR COTTAGE MORTGAGE.

Owning a vacation home or cottage can be the perfect weekend escape from a hectic work week and provide countless memories for your friends and family. If the cottage has year round access, and is fully winterized with a permanent heat source, then it can be purchase with as little as 5% down payment. If the cottage does not fit these requirements, but has a kitchen, 3 piece bathrooms, bedroom and a common area, then a minimum 10% down payment will be required. Qualifying criteria for a cottage Mortgage can vary depending on the property and its location.  

LOTS/ VACANT LAND FINANCING

Whether you are interested in purchasing vacant land as an investment, for future use or to build your dream home, securing financing for vacant land can be somewhat challenging. Mortgage Lenders look at vacant land mortgages as higher risk loans, and therefore interest rates are usually quite a bit higher than standard residential discounted Mortgage rates. If you have immediate plans to build, then you will be able to finance vacant land with a minimum 25% down payment.

With no immediate building plans, the vacant land down payment requirements increase to 40-50% down payment. Financing vacant land can be very situational dependent and the amount required for down payment, qualification criteria and interest rates will vary from one situation to another.





































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