Downpayment is the amount of personal money that a buyer contributes toward the purchase of a home, the remainder of the cost of the home purchase is provided by a residential mortgage.

Lenders normally request that funds are in your bank account a minus of 90 days or 3 months and require account history to support confirmation of down payment.

Sources of down payment include but are not limited to the following:

1. Personal Savings
2. Investments, i.e. stocks, bonds, mutual funds
3. Tax Free Savings Account
4. Proceeds of sale of an asset (House, Boat, Car)
5. Gifted Funds from an immediate family member (signed gift letter and confirmation of gifted funds being deposited to your account

The above are guidelines for the majority of lenders, however always consult with your broker to see exactly the requirements for the specific lender you end up working with.