LetŐs get some things straightÉDo you really need 20% Down Payment???

The answer is ÒYESÓ if you are buying a RENTAL PROPERTY. The answer is ÒNOÓ if you are purchasing your own First Home. Other questions on peopleÕs minds: ÒI am Self EmployedÉHow Does this affect me?Ó Ð SimpleÉyou need to prove your income if you have been Self Employed for more than 3 yearsÉyou only need 5% for Down Payment. HOWEVER, if you have been in business for less than 3 years but have minimum 2 years industry experience you can STATE YOUR INCOMEÉyou will be required to put down minimum 10% and it has to be from your own resourcesÉNO Gifts from family and NO Borrowing! Another Question on PeopleÕs minds is ÒIf my house is worth $300,000.00 and I only owe $200,000.00, how come I can only get $70,000.00 if I refinance?Ó BECAUSE THE NEW RULES STATE YOU CAN ONLY ACCESS 90% OF THE VALUE OF THE HOMEÉSO, $300,000.00 X 90% = $270,000.00Éyou already owe $200,000.00 and the extra $70,000.00 is what is left over. These are the rules Ð Love them, hate themÉwhatever. DEAL WITH IT! DonÕt forgetÉwe donÕt like them either but how do you fight the government? I suppose you can call your MLA or write a strongly worded letter to his highness Jim FlahertyÉI really donÕt