Sonia Chies

Important information for all consumers. CMHC is tightening up guidelines on mortgages with less the 20% down payment. This is the result of the Covid-19 Pandemic. Highlights of this release: 1. Make sure your credit score is above 680 for at least one applicant. 2. Taking a loan out for your down payment will no longer be permitted. 3. The lowering of the GDS to 35% and TDS to 42%, What does this really mean to you? ... GDS is the percentage of the borrowers income that is needed to pay all required monthly housing costs ( Princ, Int, taxes, heating) TDS is your monthly housing costs above + all other monthly obligations such as credit card payments, loan payments, lines of credit payments. This could lower your maximum purchase price of your new home. I will be happy to see if this will affect you! See more