There have been recent announcements in the mortgage space and we want to ensure that you are always “in the know”.
CMHC announced changes to their mortgage rules, which go into effect on July 1st. These changes include limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to standard requirements of 35/42, establishing minimum credit score of 680 for at least one borrower and changes to non-traditional sources of down payment acceptance.
To read the full article published by CMHC on June 4, 2020, please click here.
Genworth Canada also released a statement in response to the CMHC internal underwriting policy changes. Genworth has confirmed that they have no plans to change their underwriting policies relating to debt service ratio limits, minimum credit score and down payment requirements at this time. Click here to read the full release.
Canada Guaranty has also confirmed that there are no changes to their underwriting policy as a result of recent industry announcements. Click here to read the full press release.
Now more than ever is a time you need to know all the options available to you. Let Defined Mortgage Services determine which insurer you partner with.
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