Discover the joy of owning a secondary home with Sunlite Mortgage Second Home Program. Be it a property for a relative, a cozy cabin in the woods, or a serene lakeside cottage, we’re here to help you find the perfect sanctuary. Our Secondary Home Program is designed to make that dream a reality. With an affordable monthly payment and as little as 5% down payment, you can now purchase your secondary home for yourself or a family member.
Secondary Home Program
Our Secondary Home Program applies to the following types of properties:
- Maximum 1 unit, ensuring you have a personal and exclusive space to call your own.
- The property must be owner-occupied or occupied by an immediate family member, ensuring it is a cherished space for you and your loved ones.
- Eligible properties include new constructions and existing resale properties so that you can find the perfect fit for your needs.
- We seek readily marketable residential dwellings in markets with demonstrated ongoing resale demand, ensuring a sound investment for you.
- The property must have an estimated remaining economic life of at least 25 years, providing you with lasting value and enjoyment.
Credit and Down Payment Requirements
To qualify for our Secondary Home Program, we have some credit and down payment requirements:
- No prior bankruptcy or judgments, ensuring a solid financial standing.
- No R3’s (collections) in the last 24 months, demonstrating a positive credit history.
You can use traditional down payment sources, such as personal savings, RRSP withdrawal, or a non-repayable gift from a family member or someone with a legal relationship with you, among other options.
Property Eligibility
Our Secondary Home Program has specific property eligibility criteria:
- The foundation must be permanently installed beyond the frost line, providing stability and durability.
- The property must be zoned and used as residential, rural, or seasonal. Unfortunately, mixed-use or rental pooling properties are not accepted.
- Property tenure must be freehold or condominium, ensuring clear ownership rights.
- Co-ops or interest ownership properties are not accepted under this program.
- The property must have a minimum kitchen, 3-piece bathroom, bedroom, and common area, providing all the essential comforts.
- There must be year-round road access on reasonable quality public roads serviced by the local municipality, ensuring convenience and accessibility.
- Winterization of the property is a must, with a permanent heat source such as baseboard, forced air, water radiator, radiant, coal, propane, geothermal heat pumps, or heat pumps.
- The property should boast good-quality construction with no signs of deferred maintenance, ensuring a sound investment.
- A drinkable water source, which can be well, municipal serviced, or cistern, is required. Lake or river water is acceptable if the property has its filtration system, such as a reverse osmosis system.
- Electrical power is a must, with alternative energy sources considered on a case-by-case basis, such as solar power, wind energy, and generators.
- The property should be located in an area with good market appeal and no adverse influences or neighborhood nuisances, providing a peaceful and pleasant environment.
Contact us today to take the first step toward making your dream of a secondary home come true.
