Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

What Is a VA Home Loan?

A VA home loan is a mortgage program run by the United States Department of Veterans Affairs for American military veterans, and it has no Canadian equivalent. Canadian Armed Forces members and civilians in Saskatoon both qualify through ordinary insured mortgages backed by CMHC, Sagen or Canada Guaranty.

The VA program's signature feature, a mortgage with no down payment and no ongoing mortgage insurance, does not exist under any name here. Every buyer in Saskatchewan puts down at least 5 percent up to $500,000 and 10 percent on the portion above that, insured or not.

Members of the Canadian Armed Forces posted to Saskatoon do get relocation support, but it runs through the Canadian Armed Forces relocation program rather than through a lender-side loan product, and it does not change the mortgage rules a lender applies.

If you are used to the VA system and buying in Saskatoon for the first time, ask your mortgage broker to walk through the Canadian minimum down payment and insurance rules before you assume anything carries over. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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