This program allows you to own a second home, with as little as 5 per cent down. The CMHC “Flex Down” (borrowed 5 per cent) is also available as well as the entire product shelf offered by CMHC. What this means is that you no longer need to come up with a large down payment in order to meet the previous qualifications.

Here are some of the general requirements:

• The borrower must qualify to carry the debt of both the primary mortgage and the second property mortgage, within the normal CMHC guidelines.
• At initiation, the second property must be intended for occupancy at some point during the year by the borrower, or relative of the borrower on a rent free basis…not to be used as a “revenue generating property”.
• The property can be located anywhere in Canada and must be suitable for, and available for, year round occupancy. (Seasonal use/access is not eligible).
• Rental pools, time-share, life leases are also not eligible.
• Applies to one to four unit properties

Not all of the lenders in Canada are on-board with this new offer, so be sure to speak to a professional mortgage agent to understand more about this product and how you can take advantage of owning a second home.

Jacqui Mulikow, is a Professional Mortgage Agent with Mortgage Intelligence http://www.mortgageintelligence.ca/jacquimulikow