First-time home buyers need 5 percent down payment for a property under $500,000 and 10% for the remaining amount. For self-employed professionals and those with bad credit, you will have to put 20 percent towards down payment.  To collect the amount, you can use your savings or receive monetary gifts from friends and family. You cannot get another loan to meet the down payment requirements.  Home buyers who’ve put less than 20 percent down payment will have to get a mandatory mortgage insurance from CMHC, Sagen, or Canada Guaranty.