Posted on Monday, June 8th, 2020

Mortgage rules are changing as of July 1st, if you are considering jumping into a new manufactured home, now is the time.  Feel free to get in touch with us to discuss your ideal home and for help with the mortgage application process.

"Qualifying for a mortgage is about to get harder for anyone who doesn’t have at least a 20 per cent down payment for a home, which is likely to have an outsized effect on first-time buyers.

Canada Mortgage and Housing Corporation (CMHC) is tightening its rules to qualify for an insured mortgage.

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."


For all the CMHC information and rules, visit the CMHC website at www.cmhc-schl.gc.ca.

Eagle Homes

At Eagle Homes, each and every one of our homes are building code compliant as required by local and provincial housing authorities. We produce high quality, affordable manufactured homes built by a team of experts in a climate-controlled area. Find us in Salmon Arm, Kamloops, Cranbrook and Castlegar.

Locations

Salmon Arm, BC
1190 51 Street NE
Salmon Arm, BC
250-833-4728

Kamloops, BC
7510 Dallas Drive
Kamloops, BC
250-573-2278

Cranbrook, BC
2232 Cranbrook Street N.
Cranbrook, BC
250-489-1230

Castlegar, BC
4430 Minto Road,
Castlegar, BC
250-365-2121