Mortgage Rules Changing
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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."
From Yahoo News.
For all the CMHC information and rules, visit the CMHC website at www.cmhc-schl.gc.ca.
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