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	Pre Approved Mortgages First Time Home Buyers (CMHC insured) require as little as 5% down payment, application fee and the funds to cover closing costs. (i.e.: legal fees, deed transfer, oil top up, etc.) Collateral Mortgages require 25% down. The borrowed amount cannot exceed 75% of the purchase price or the appraised value, whichever is less. Pre Approved Mortgages are approved based on the verbal information provided by you and are subject to verification of information prior to disbursement. Some of the requirements for approved mortgages include: Proof of down payment equal to 5% of the purchase price from non borrowed funds. Proof of funds for closing costs equal to 2.5% of the purchase price from no borrowed funds (CMHC insured only). Borrower qualifications with 1.5% credit rating and industry standard debt service calculations.