Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance:
Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to our standard requirements of 35/42;
Establish minimum credit score of 680 for at least one borrower; and
Non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes. (i.e cannot borrow money for down payment)
– CMHC