Mikaila Rhodes Victoria Realtor®

Cell: 778-679-1028 |

Big Changes Coming to CMHC Mortgage Qualifying!

Breaking News: There are big changes to qualifying for CMHC insured mortgage financing (less than a 20% down payment/equity purchase) coming July 1st, 2020!


-Reducing the debt servicing ratios from 39/44 GDS/TDS to 35/42 GDS/TDS (Gross Debt Service/Total Debt Service). In English, this means that you’ll qualify for approximately 12% less than you do today.

*For example, assume you make a 70K and currently qualify for a 350K mortgage, you’ll now only qualify for 308K.*

-Increasing the minimum beacon score from 600 to 680.
-Eliminating the ability to borrow your down payment.


For more information see the article below or contact me anytime:
778-679-1028
mikaila@mikailarhodes.com


https://spinmortgage.com/cmhc-breaking-news-july-2020/

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