FHA loan or new comers schemes? (Canada)

FHA loan or new comers schemes? (Canada)

Ilchester, Somerset · Member since 2016 · 16 posts · 3 votes
Location - NB/NS Canada Hey guys, I'm wondering if there is anything like a FHA loan in Canada, especially for new comers? Or if there are any newcomers to Canada schemes for investing? It's difficult to find anything online about it. I'm open to joint venturing of course however for my first deal in Canada we want to house hack so I feel any way we can get it on our own, we should. I'm hopefully looking for around 5-10% down and 2-3% interest... Is this feasible? We are also looking to purchase a second multi family at the same time which I am fully prepared to put 20% down as long as the initial duplex is 5-10%. Many thanks, Phil.
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  • Roy N.Pro Member
    Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
    10y
  • Ilchester, Somerset · Member since 2016 · 16 posts · 3 votes
    10y
    Roy N. Thanks for the link, it's very helpful! I can't seem to make out if that is applicable to investments (duplex or triplex), I'm surprised (and happy) at the fact there's no minimum residency period!
  • Roy N.Pro Member
    Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
    10y

    CMHC high ratio mortgage insurance will cover up to 4-units (though the minimum downpayment required is larger for 3 & 4 unit properties, than for SFR or duplexes), provided you reside in one of the units.

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