For most people the hardest part of buying a home, especially a first home, is saving the necessary down payment. If you have less than 20% of the purchase price to put down, you will be required to purchase mortgage insurance through your lender. Mortgage insurance protects your lender against payment default.
By providing Mortgage Default Insurance to lenders, CMHC and Genworth enable you to finance up to 95% of the purchase price of a home. This means you can buy a property with as little as 5% down. So if the cost is $250,000, you would need a down payment of just $15,000! While you may have to pay an extra premium for their services, these mortgage default insurers have made home ownership possible for millions of Canadians who would otherwise have had to wait much longer in order to save a significant down payment.
Once the following conditions are satisfied, you are eligible for CMHC / Genworth Financial insurance:
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