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chemgear · 06-22-2012, 08:41 AM

Speaking of gifts, the OFSI has some notes about it in their new guidance:

http://www.osfi-bsif.gc.ca/app/DocRe...ines/b20_e.pdf

Down Payment

With respect to the borrower’s down payment for both insured and uninsured mortgages, FRFIs should make reasonable efforts to determine if it is sourced from the borrower’s own resources or savings. Where part or all of the down payment is gifted to a borrower, it should be accompanied by a letter from those providing the gift confirming no recourse. Incentive and rebate payments (i.e., "cash back") should not be considered part of the down payment.

06-22-2012, 08:41 AM	#84
chemgear Franchise Player Join Date: Feb 2010 Exp:	Speaking of gifts, the OFSI has some notes about it in their new guidance: http://www.osfi-bsif.gc.ca/app/DocRe...ines/b20_e.pdf Down Payment With respect to the borrower’s down payment for both insured and uninsured mortgages, FRFIs should make reasonable efforts to determine if it is sourced from the borrower’s own resources or savings. Where part or all of the down payment is gifted to a borrower, it should be accompanied by a letter from those providing the gift confirming no recourse. Incentive and rebate payments (i.e., "cash back") should not be considered part of the down payment.