We have just been advised that effective today, Government regulators have cancelled the "flex" down payment programs. Clients must have minimum 5% downpayment from their own resources or savings. Gifted down payments must be supported by a Gift Letter indicating no repayment necessary. Credit Line funds can not be used for downpayments, as they are classed as borrowed funds.
This is too bad, as it was becoming a viable product for clients with the income but no savings to get into the market - this is no doubt a tightening of the market through methods other than Interest Rate increases.
