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: