IL Mortgage Professional
401-10 King Street East M5C1C3 Toronto, ON, Canada

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CMHC will be changing mortgage qualification rules on July 1st 2020 If you’re thinking about buying or selling, think fast. At least one applicant’s credit scores will need to be 680, up from the previous minimum of 600.... To ensure borrowers can keep up with payments, maximum total debt service ratios will be lowered from 44 to 42. Gross debt service ratio drops from 39 to 35. CMHC also says non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes. In other words, buyers will no longer be able to borrow money for a down payment, which follows a similar move by Bank of Nova Scotia. CMHC is also suspending refinancing for multi-unit mortgage insurance, unless the money is being used for repairs or reinvestment in housing. The changes are effective July 1, 2020. Find out how we can help. www.peakhillresidential.com/index

Download the Canadian mortgage app, at no cost to you. Free with the link below. Get pre-approved, check monthly payments based on purchase price, refinance rates/payments or just browse interest rates. No obligation - keep updated in today’s market... https://www.canadianmortgageapp.com/app/isabel-lontoc