There are a growing number of families living in Vancouver or moving to the region who are choosing the option of buying a second home in the lower mainland or in one of the many great locations throughout British Columbia.
![Buying a second home](http://mybcmortgage.ca/wp-content/uploads/2013/04/buyingasecondhome.jpg)
Buying a second home
When it comes to mortgage financing there are many lender programs available at best rates. Homeowners buying a second home can purchase the second property with as little as 5% down with the following considerations:
1. Down payment can be from own resources or other sources
2. Property must be owner occupied during the year or occupied by a family member
3. Property can be new construction
4. A maximum of 2 homes can be insured by CMHC in Canada
5. Financing available to permanent residents of Canada
6. Property must have year round access by car or ferry
7. Maximum $1,000,000 purchase price
8. No time shares, life leases and rental pool are excluded
For home owners buying a second home with more than 20% down payment insurer guidelines may not apply and lender rules will assigned. Talk to your mortgage broker for specific requirements to meet your needs.
This trophy lake-view modernist residence and .45 acre property in the heart of Wine Country (Naramata) makes the perfect retreat as a second home or full time residence.
http://www.robertcrowe.ca/ActiveListings.php/Details/243/2843-arawana-place-naramata-bc#viewdetail