Quote:
Originally posted by Sample00@May 12 2005, 02:47 PM
Speaking as a Mortgage Broker, Shane
these are all very good options...
with regards to the line of credit...you would need to prove where those funds came from. And the banks wont accept borrowed funds as downpayment.
well not so much the banks as CMHC (Canada Mortgage and Housing Corporation).
They have very specific guidelines.
CMHC is the institution that insures the mortgages for the banks, when clients have less than 25% as a downpayment.
feel free to contact me if you have any questions.
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No available co-signer and no gifts coming our way. Looks like we'll have to save the other 8%.