Jose Vicera. TD Mobile Mortgage Specialist

Great news for Canadian Home Buyers You may have heard that CMHC are making big changes in regards to their qualifying process starting July 1. But Genworth Will not be following CMHC with the changes, giving Canadians options for qualifying if they are on the edge of getting an approval. There are 3 mortgage insurers in Canada: CMHC, Genworth, and Canada Guaranty. This gives Canadians options if they do not qualify with the new CMHC rules.

Effective July 1, 2020 CMHC is tightening their rules in regards to Insured Mortgage (Downpayment less than 20%) making its harder to qualify for a new mortgage and reducing buying power. New changes include: Limiting the Gross/Total Debt Servicing Ratios (GDS/TDS) to 35/42 from 39/44... Minimum credit score of 680 for at least one borrower Non-Tradition sources of downpayment that increases indebtedness will no longer be treated as equity Give me a call for further discussions on how this will impact your home ownership goals. 780 978 6044

Phase 1 of Alberta relaunch starts today. Stay safe everyone so we can successfully progress to Phase 2

Happy Mother’s Day!