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CMHC Flex Down Mortgage Program
As you may have learned, the national minimum down payment to purchase a home is 5%. To help potential home buyers purchase earlier, the CMHC now offers what is called the Flex Down Mortgage Program. Through the CMHC Flex Down Mortgage program, buyers can borrow the down payment through a variety of sources like credit lines, personal loans or gifts. In order to get approved for this program, applicants must have good credit and must be able to cover closing costs of at least 1.5% using their own financing resources.