New Lower Minimum Down Payment Required
April 26th, 2007
New legislation that lowers the required down payment for mortgages was passed, yesterday. The federal government has lowered the minimum down payment requirement for mortgage default insurance from 25% to 20%.
Under the previous existing Bank Act regulations, which have been in place for 40 years, a bank could not provide a mortgage loan for more than 75% of the value of the property ...