Business and Personal Finance Dictionary

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• FIVE-PERCENT DOWN PROGRAM
  
  This allows buyers to obtain up to 95% financing on properties up to a certain value. The loan must be insured against default by Genworth Mortgage Insurance Corporation or CMHC (Canada Mortgage and Housing Corporation). This maximum home value will vary according to location (local Realtors should know the applicable limit) and eligibility can vary with personal circumstances.
  
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