Effective April 9, CMHC is adding more restrictions to its Self-Employed stated income product. Self-employed borrowers who choose to apply under this program, and not verify their income using traditional means, will have to put down 10% when purchasing a home (instead of 5% today). Stated income applicants who wish t…o refinance will be limited [...]
Yesterday the federal government announced changes to the rules for government-backed insured mortgages (less than 20% down payment). The rules are listed below. Below to each rule, I have added my comments. I hope my comments clarifies any doubts you may have. As always, if you have any questions please feel free to contact me.
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