06/18/2019
Highlights of CMHC program that can contribute 10% to price of first home:
1- Applicable to first time home buyers with annual income less than $120k
2- Loan amount (Mortgage + CMHC contribution) cannot be more than $480k
3- CMHC can contribute up to 5% of purchase price for resale home and up to 10% of purchase price of a new built
4- CMHC will be owner of the property for contributed share and will share profit /loss in same ratio.
5- Repayment is interest free and has to be done at 25 years mark or sale of property which ever comes first
6- CMHC share can be bought by the owner anytime at fair market value.
7- Applications starting Sep2, 2010 for closing no sooner than November 2nd.
Please don’t hesitate to contact me in case you need further information or have any questions.
