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When you are looking for a Canada Mortgage loan,
you should be aware of changes CMHC made to their high
ratio mortgage insurance programs on March 31, 1998. These
Canada Mortgage loans changes
took effect on May 11 1998.
For a Canada Mortgage loan, the bad news is that
CMHC did away with the First Home Loan Insurance (FHLI)
Program that allowed first time buyers to purchase a home
with as little as 5% down payment.
With a Canada
home mortgage, the good news is
that they've engineered this program so that it is
economically sustainable in the long run.
Now anyone can purchase a home, whether it is their
first, second, or third, with a 5% down payment.
Essentially CMHC has simply dropped the
requirement that applicants must be "first time home
buyers" to qualify for this Canada
easy mortgage program.
For the lowest cost Canada
loan secured, click
here.
Other
articles of interest are Canada
debt consolidation loan and Broker
Canadian loan
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