Requirements for Government-Backed Mortgage Insurance


Mortgage loan insurance is generally required by lenders when home buyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment starting at 5%. The Government of Canada offers government-backed mortgage insurance with restrictions through its crown agency, Canada Mortgage and Housing Corporation (CMHC).

• Requires a minimum down payment of at least 5 per cent for a mortgage to qualify for government-backed insurance.
Maximum amortization for mortgages is 25 years.
• Maximum home price that could qualify for government-backed mortgage insurance is capped at $1-million.
Mortgage insurance is available to both first-time and repeat home buyers.

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