Do I have any options to keep the home in a divorce?

Yes, via a program called Co-Owner Buyout. While we normally see this program used in marital separations it applies whether married, common-law, siblings.. This program allows the net mortgage back up to 95% of the value to payout the other owner. So the remaining owner in essence can start back at 5% down payment.

Spousal Buyout aka Relationship Dissolution Program

This program is designed for co-owners parting ways, where one party wishes to buy out the other and keep the property.

While most commonly used in marital separations, it also applies to common-law partners, siblings, or other co-owners.
The new mortgage can be up to 95% of the home’s value, meaning the remaining owner can essentially start over with only 5% equity in the home.

Did You Know?

If you're going through a marriage breakdown, you may regain eligibility for first-time home buyer programs. Click here to learn more.

A signed Offer to Purchase agreement between both parties, indicating the transfer of ownership.

In a marriage of common law relationship - a Separation Agreement specifying which party will take over the property.
In a sibling or co-owner relationship - an Offer to Purchase one selling to the other and the payout details within the agreement
A Full Appraisal required by the mortgage lender (estimated cost: ~$400).
Standard Loan Documents, such as:
Employer letter
Recent pay stubs
Other necessary financial documents

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Spousal Buyout aka Relationship Dissolution Program

Documents Needed

Approved Uses for Buyout Funds

Very Important Guideline

STEP 1: Pre-Approval