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Some good news on this Monday Morning! Genworth Canada has decided not to follow CMHC's changes to eligibility requirements announced last week. They will not be making any underwriting guideline changes related to debt servicing, minimum credit score, and downpayment requirements.

Happy Friday all! As you may have heard, CMHC has announced some changes to their qualification guidelines. These changes will be in place as of July 1. Here are the details 1.The minimum beacon score requirement for insured mortgages has increased from 600 to 680 2. The maximum debt servicing ratios have been decreased from 39 GDS/ 44 TDS to 35 GDS/ 42 TDS. 3. Applicants can no longer use borrowed funds for downpayment. Canada's other 2 mortgage insurer's, Genworth and Canad...a Guaranty, have not made any announcements yet, but we expect something from them early next week. The details are somewhat vague and we expect more information throughout the next week or so and we will keep you posted. As always, we are here to answer any questions you might have. Jeff and Andrew

The new work schedule, brought to you by the Covid quarantine.

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