Quote:
Originally Posted by algernon
So, he couldn't assume it?
<Sorry if that's a dumb question>
|
Not dumb, but not the right question...the issue wasn't with him getting a mortgage...that was solid. The issue was that because he was putting down less than 25% he has by law to have mortgage insurance. Said insurance (from CMHC) was refused, therefore the deal crumbled. if the guy had the extra $ to bump his down payment past 25% and not worry about CMHC, the deal would be going through this week.