1. The maximum amount of the mortgage can be 65% of the purchase price, or 65% of the value of the property (lesser of the two).

1. The maximum amount of the mortgage can be 65% of the purchase price, or 65% of the value of the property (lesser of the two).

2. The down payment required is 35%, out of which at least 10% must come from borrower’s own resources. The balance can be gifted by a family member or borrowed. Homefund does not arrange for any down payment loans

3.  Verification of the assets for a down payment will be required. The funds must be on deposit with a Canadian financial institution at least 30 days before the closing date.

4. Out of country signing is not allowed. The borrower(s) must be present in person to sign documents with a chosen Canadian legal representative.

A photo ID verification is required for the borrower(s), along with an international credit bureau.

If one cannot be obtained or it is too expensive to obtain, then a letter of reference will be required from the borrower(s) bank where assets are held. The letter of reference from the bank needs to confirm assets, plus repayment history on any loans there.

Standard income confirmation is required for loans up to 65% of the purchase price or value. For loans up to 50% of the purchase price or value, income requirements are waived.