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Rental/Investment Mortgages 65% LTV (Non-Resident)

U.S. residents and residents of other countries seeking to purchase a second/vacation home in Canada for their personal use or to be occupied by a child attending school in Canada or for investment purposes. This program allows conventional mortgage financing up to and including 65% LVR for U.S. Residents and up to 50% for All Other Non-Residents

 

Eligible Properties

                  Owner occupied secondary/vacation homes/Investement Properties

                  Secondary home occupied by a child attending school in Canada

 

 

Eligible Transactions

                  Purchase

 

Maximum Loan to Value Ratio

                  U.S. Residents: 65% of the first $500,000 of the property lending value, and 60% of the value over $500,000

                  All Other Non-Residents: 50% of properties valued up to $1,500,000

 

Borrower Documentation Requirement

 If the property is to be occupied by the borrower’s child, documentation verifying enrollment in a Canadian College or university is required.

 

GDS / TDS Ratio

U.S. Residents: Standard GDS / TDS and personal net worth requirements apply

All Other Non-Residents: Standard GDS /TDS requirements are waived

 

Maximum Loan Amount

U.S. Residents: $1,500,000

All Other Non-Residents: $750,000

 

Down Payment

U.S. Residents: Minimum 35% from own resources; No secondary financing or gifted funds are permitted; Funds must be on deposit with a Canadian financial institution at least 30 days before the closing date

All Other Non-Residents: Minimum 50% from own resources; No secondary financing or gifted funds are permitted; Funds must be on deposit with a Canadian financial institution at least 30 days before the closing date

 

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