Get Approved
Buy home with 5% down payment Canada
We specialize in Low down payment mortgage Ontario and cover up to 10% downpayment in Toronto, Vaughan, Mississauga, Oakville, Kleinburg, Orangeville and surrounding areas in GTA.
- Low Rates
- Easy Solution
- Trusted Professional
One Stop Solution
First-Time Home Buyer Mortgage Services Across the GTA
Buy a New Home
Buying your first home in Canada doesn’t require a huge down payment. If you qualify as a first-time home buyer, you can purchase a home with as little as 5% down payment — and Ring Mortgages is here to guide you every step of the way.
Refinance
We proudly help first-time buyers across the Greater Toronto Area secure affordable, stress-free mortgage solutions. We specialize in 5%- 10% downpayment.
✅ Can You Buy a Home with 5% Down in Canada?
Yes — Canadian mortgage rules allow eligible buyers to purchase a home with only 5% down payment, as long as the purchase price is within certain limits.
Minimum Down Payment Rules:
5% down on the first $500,000 of the home price
10% down on any amount above $500,000 up to $999,999
20% down required for homes $1M+
Remember:
💡 Homes purchased with less than 20% down require mortgage default insurance (CMHC, Sagen, or Canada Guaranty).
👤 Who Qualifies as a First-Time Home Buyer?
You may qualify if any one of the following applies:
✔ You’ve never owned a home before
✔ You haven’t owned a home in the last 4 years
✔ You experienced a marital breakdown
✔ You’re purchasing with a spouse who is a first-time buyer
At Ring Mortgages, we review your situation carefully to make sure you maximize every first-time buyer benefitavailable.
🏡 What Can Be Used for the 5% Down Payment?
Your down payment can come from multiple approved sources, including:
Personal savings
RRSP (Home Buyers’ Plan – up to $35,000)
Gifted funds from immediate family
Non-repayable government incentives
📌 We ensure all funds are properly documented so there are no last-minute lender issues.
🇨🇦 First-Time Home Buyer Incentives You Can Combine
When you work with Ring Mortgages, we help you stack incentives, including:
First-Time Home Buyer Incentive (FTHBI)
Land Transfer Tax Rebates (Ontario & Toronto)
RRSP Home Buyers’ Plan (HBP)
FHSA (First Home Savings Account)
These programs can reduce your cash needed upfront by tens of thousands of dollars.
💼 Why Choose Ring Mortgages?
What Sets Us Apart:
✔ Personalized mortgage strategy (not one-size-fits-all)
✔ Access to major banks + alternative lenders
✔ Clear explanation — no confusing jargon
✔ Fast pre-approvals
✔ Support from offer to closing day
We focus on education, transparency, and approval strength, especially for first-time buyers.
Self-Employed Mortgage Solutions
Get approved as a self-employed borrower in Woodbridge using low-doc and alternative income verification programs.
Fix & Flip Financing
Access fast, short-term rehab loans for Woodbridge investment properties, funding purchase and renovations so you can flip homes quickly and maximize your returns.
Top Mortgage Agent in the GTA, Ontario
📍 Areas We Serve Across the GTA
Toronto, Brampton, Mississauga, Vaughan, Markham, Richmond Hill, Scarborough, North York, Etobicoke, Oakville, Kleinburg.
📌 Virtual appointments available — we help buyers anywhere in Ontario.
01.
Example: Buying with 5% Down
Home Price: $500,000
Down Payment (5%): $25,000
Mortgage Amount: $475,000
Estimated Monthly Payment: Based on rate & amortization
We’ll calculate exact numbers for your income, credit, and goals.
02.
📞 Start Your First-Time Home Buyer Journey Today
Buying your first home is a big step — you don’t have to do it alone.
Ring Mortgages will:
Confirm if you qualify for 5% down
Secure the best mortgage option
Help you buy confidently and affordably
👉 Book a Free First-Time Buyer Consultation Today
Why Choose Me
Rules of Business
These are my rules to do business.
Put Clients’ Interests First
Always recommend the mortgage product that best fits the client’s unique goals and budget—even if it’s not the highest-commission option. Building trust through genuine, unbiased advice drives referrals and long-term relationships.
Maintain Absolute Transparency
Clearly explain all rates, fees, and terms up front. When clients fully understand their commitments—pre-payment penalties, renewal dates, amortization schedules—they feel empowered and confident, reducing surprise costs and churn.
Leverage Local Expertise
Stay deeply informed on Woodbridge's evolving market trends, neighbourhood values, and lender specials. By positioning yourself as the go-to Woodbridge mortgage authority, you set yourself apart and consistently deliver better, more tailored solutions.
F.A.Q.
Most lenders require a minimum credit score of 620 for conventional mortgages, but some private and alternative programs accept scores as low as 580. I’ll review your credit report with you and suggest strategies to boost it if needed.
The minimum is 5% on the first $500,000, 10% on the portion above. To avoid CMHC insurance, 20% down is recommended. Together, we’ll create a savings plan to reach your target down payment sooner.
Yes. Most products allow prepayments up to 10–20% of principal annually without penalty. I’ll show you which options maximize your flexibility and minimize fees.
Pre‑approval is instant, while full approval usually completes within 5–7 business days once all documents are submitted. I expedite each step to meet tight closing dates.
Testimonials
What My Clients Say?
Contact
