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4 Jun

** CMHC ALERT **

General

Posted by: Croydon DeMello

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