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Important Changes To CMHC Insured Mortgage Rules

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Important news!

Hi just wanted to update everyone... today CMHC which is one of the largest insurers for mortgages with under 20% down announced a HUGE change...If any of you are thinking about buying a home and putting under 20% down you should really think about purchasing ASAP. At the beginning of July these changes mean one of the borrowers has to have a minimum credit score of 680. Also ratios of GDS/TDS are now limited to 35/42.....
What does this mean?
Well for example if at the moment you qualify for $400,000 mortgage in July this would decrease to approx $360,000 an approximate decrease of 10% of your purchasing power.
Yes there are a few other insurers but they too may follow....
So if you are thinking of buying or have questions give me a call ASAP 4036153455

 
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