Search
  • Cheryl Hartwick - Broker

Update to changes in Default Insurance


On June 4th the Canadian Mortgage and Housing Corporation announced new rule changes as follows;


1. All buyers will have to qualify with limited debt servicing rations. Change from

39% to 35% of gross income income on house spending and from 44% to 42% for gross income including all other loans.


2. The new minimum credit score is set to 680—meaning buyers will need a “good” credit score to qualify for a home loan.


3. Can no longer borrower your down payment to qualify. All borrowers must provide the down payment “from their own resources, these can include savings; equity from the sale of a property; a non-repayable financial gift from a relative; funds borrowed from other, liquid financial assets or against other real property; or a government grant.


The good news in all this is that we still have two other insurers that are not changing how they do business.


When you are looking for a mortgage, talked to an experiences Broker that will work with you and provide options.

1 view

Mortgage Edge: Brokerage License # 10680

  • Facebook - White Circle

Cheryl Hartwick 

613.969.7655

cheryl.hartwick@mortgageedge.ca

 

Liza Brown

613.848.5757

liza.brown@mortgageedge.ca

© 2019 MortgageEdgeQuinte.ca | All Rights Reserved | Mortgage Edge |