Purchasing a 2nd Home on GabriolaIf you are looking to purchase
a 2nd home, the Canadian Mortgage and Housing Commission
(CMHC) has now introduced a new program called Second
Homes. Previously, a purchaser who wished to finance
a 2nd property in addition to their primary residence
was required to put 25% of the purchase price down.
However, now under this new program, Second Homes, a
purchaser may qualify for even 0 % down.
Self-Employed Buyers:
There is also a new change
for persons who are Self Employed. Previously Self Employed
buyers were required to submit 3 years of income tax
statements to prove an established business, but with
the new guidelines in the Self Employed Program , if
an individual has become recently "self employed" in
the same field that they have worked in as an employee,
the three year requirement will not apply. All other
qualifying elements will remain the same.
For more information about these programs and how these
programs may benefit you for your purchase of a property
here on Gabriola, please email your questions directly
to:
email: woods.j@mortgagecentre.com
John Woods — YOUR BROKER ON
CALL
The Mortgage Centre
Essex & Kent Mortgage Corp.
250-756-7744 ( 866-406-9322)
250-756-9745 (Fax) (877-406-9321)
www.johnwoodsmortgage.com
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