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MJK · 07-29-2011, 02:08 PM

3 years ago I purchased a property (in Newfoundland) and used it as my primary residence for only a couple months. I moved away and that property is now being rented but I still own it and still have a mortgage.

I am in the process of building a new home (in Nunavut) and will use it as my primary residence. I know there were new regulations handed down not too long ago that said there needed to be a minimum downpayment of 20% for investment properties.

Considering my situation, I assume I can just do the 10% downpayment if I wanted too OR does this 20% downpayment apply to me as well?

Thanks.

07-29-2011, 02:08 PM	#1
MJK Franchise Player Join Date: Jun 2003 Location: N/A Exp:	Downpayment Help 3 years ago I purchased a property (in Newfoundland) and used it as my primary residence for only a couple months. I moved away and that property is now being rented but I still own it and still have a mortgage. I am in the process of building a new home (in Nunavut) and will use it as my primary residence. I know there were new regulations handed down not too long ago that said there needed to be a minimum downpayment of 20% for investment properties. Considering my situation, I assume I can just do the 10% downpayment if I wanted too OR does this 20% downpayment apply to me as well? Thanks. Last edited by MJK; 07-29-2011 at 02:41 PM.