Don't let 5% down fool you! #shorts #realestate

Did you know this!?

Here are things you can do to ensure you qualify for min downpayment as a first-time home buyer who is under 2 years in Canada:
1. Don't pay your rent in Cash! Proof of rent via bank transfer is taken as alternative credit history - critical for 5% down.
2. Make sure to get a postpaid phone plan or utility bill in your name to build on the alternate credit history.
3. Have at least 1 credit card per
These are important as the banks and more importantly the insurer
(CMC) is not confident enough of your credibility to carry a 95%+ loan given the limited credit history/length and therefore require alternate credit info incl bills and rents - makes sense actually :)
Credit score is not important per say as long as it's over 650-680.
However, the above 2 points are critical if you are thinking of a less than 10% down.
For 10% down - all these

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