First mortgage "Family Plan" Program 

We are pleased to have introduced this program to Canada. It enables people to help buy a home for immediate family members who have good credit but lack the income to meet standard GDSR/TDSR requirements.

Suggested applications of the program include
A parent who wishes to help an adult entrepreneurial child buy a home
A parent helping to buy a home for an adult child at a post-secondary educational facility
An adult helping to buy a home for elderly parents who are on a fixed income

Borrower qualification
The income and debts, including shelter costs, of all persons on the application will be used along with those of the occupying borrower to calculate the TDSR
Applicant(s) buying the home for a family member must have clean credit, stable employment and income, positive net worth and a down payment from own resources
An immediate family member is defined as a father, mother, child, brother, sister, grandparent, legal guardian, or legal dependant
All qualifying applicants, including the resident family member, must be on the title
All regular qualifying criteria for purchase business apply.

Documentation/information requirements
-Offer to purchase
- Employment/income verification
-Verification of down payment