Here’s what to know about the most popular and effective ways to come up with a down payment on your first home—or your dream home.
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Many folks have a misguided notion of what’s required of them for a down payment, so I’m going to share some options that exist for homebuyers.
The high ratio program does not change the requirement of down payment over 500 entirely, the down payment is stepped. Ie: 5% on the first 500k and 10% on the remainder.
Another option is the government's homebuyer plan, which allows you to tap into any Registered Retirement Savings Plan (RRSP) contributions you’ve made over the years—up to $35,000 tax-free. You’d then have the next 15 years to put that money…