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You may think that you now require a 20% down payment in order to purchase an investment property and in general that is correct but depending on the intended use of the property you may have some other options.
So here is a quick story for you as an example.
A past client of mine recently referred a friend, who lives in Vancouver, to me. They wanted to purchase a condo here in Kelowna. They had met with their bank’s mortgage specialist and explained that they were interested in purchasing an investment property. They were advised that they would require a minimum 20% down payment due to the recent new rules on investment property financing and to come back when they had a sufficient down payment. The problem was that they didn’t have the means to come up with the extra funds required at this time and they wanted to make this purchase sooner than later.
After speaking with them they shared with me that they were actually purchasing a small condo for their son to live in while he was attending UBCO here for the next three years. It made more sense to them to purchase rather than to pay the rent over an extended period of time but they were disappointed that they needed a 20% down payment and believed there were no other options available at this time.
I let them know that there is a program available whereby you can purchase a property, with less than 20% down, as long as a family member will be living in the home and it doesn’t have to be a child. The same program would also be available if you were assisting an elderly parent as an example.
So here is a tip for you . . .
When you get a “NO” for an answer, always seek a second opinion as there might be other options available to you. As a Mortgage Broker I have many programs available for clients that may not fit at a bank. It’s worth making a call. I can be reached at 250-826-3543 or by email at [email protected]
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
