become a
Home Owner

...5% gets you into a home of your own

5% Down Payment Program
With as little as 5% of the purchase price all homeowners now have access to mortgage insurance enabling them to enter the housing market, as long as they manage the costs of home ownership. To find out how, contact Tara today!
  • Mortgage insurance for 95% mortgages are now available to both first-time and repeat home buyers.
  • Buyers using the program may consume up to 32% of their gross family income for payments of principle, interest, property taxes and heating, but their total debt load ratio cannot exceed 40% of their family income.
  • Insurance premiums on loans above 90% of the lending value of the property will be 3.75% of the mortgage loan... however, this premium can be added to the mortgage.
  • Price restrictions include a $300,000 ceiling on homes purchased in the Greater Toronto Area (GTA).
  • The maximum amortization period is 25 years.
  • Borrowers are required to demonstrate as the time of the application their ability to cover closing costs equal to at least 1.5% of the purchase price.
  • Where the minimum equity requirement is being met by way of a financial gift, the funds must be in possession of the borrower 15 days before making an offer to purchase.

Source: ©Toronto Real Estate Board (TREB). Re-Printed by permission on