CMHC mortgage insurance on 3rd house

[Salvatore Giancola]

Hey BP, This past year I bought 2 rental properties. I used conventional financing through banks. I put 20% down on these I purchased the fort one under my company name, which is a sole proprietorship. The bank gave me issues with the 2nd home, so I ended up putting it under my name. So I own these 2 investment properties, however I still live with my family, recently moved into my fiancée's parents house. My fiancée and I are looking to buy our first place maybe next year, I was hoping that I would be able to put 5 - 10% down and still get first time home buyer (cmhc site specifies primary residence, not investment properties). I was told by a mortgage broker that because I own 2 homes CMHC won't insure my mortgage meaning I must put at least 20% down. Any ideas if this is correct or how I can get around this? Like if I change it from sole proprietorship to corporation, or if I sell one house. Any advise would be greatly appreciated. Thank you

[Roy Cleeves]

Hi @Salvatore Giancola  You can always do 5% down on your primary residence.  If CMHC is giving you a hard time then just go to a lender that uses Genworth or Canada Guarantee rather than CMHC - they are the other 2 companies allowed to do high ratio mortgage insurance.  If your bank or mortgage agent only uses CMHC then message me and I can set you up with mortgage people that use these other companies.  Easy solution!  Cheers!!