By: Jay Rana

CMHC Announces Changes to Policy for Insured Mortgages June 8 2020 - Jay Rana

Tags: cmhc, first time home buyers, Toronto real estate, markham real estate, york region real estate, stouffville real estate, home buyer, home seller, first time home buyer, starter home, TREB, century 21, re/max, keller williams, royal lepage, purple bricks, redfin, ibuyer, market watch, realtor, homes4less, sellhomes4less, search realty, jay rana, GetRANA, re4l, Spring, Spring Market, Vegan Realtor, jayguaranteedsold, VIP Home Buyer Protection Plan, Father's day, Covid-19, Covid, Coronavirus

The Canada Mortgage and Housing Corporation (CMHC) is tightening its rules to qualify for an insured mortgage. CMHC has announced that effective July 1, 2020, new applications for homeowner transactional and portfolio mortgage insurance would be subject to the following changes:

CMHC is also suspending refinancing for multi-unit mortgage insurance, unless the money is being used for repairs or reinvestment in housing.

CREA has advised that while it’s unclear how many potential buyers will be impacted by these changes, they will affect first-time home buyers in particular, who will now be sidelined as they wait to save more money for a down payment in order to comply with new the requirements, or be forced to look far beyond the neighbourhoods in which they had planned to establish their lives.

The changes announced are specific to CMHC, and the private insurers are not compelled to follow CMHC’s lead. It is expected that the private insurers will be reviewing CMHC’s announcement and will then publicize their response.

CMHC stopped short of raising the minimum down payment from 5 per cent to 10 per cent after saying it was appropriate two weeks ago during testimony to the House of Commons finance committee.

Summary: If you were looking to purchase soon, GET YOUR MORTGAGE COMMITMENT ASAP!! If you need solid contacts or referrals for Mortgage professionals, please let me know and I'll put you in touch with those that can get you the BEST RATE and the BEST TERMS based on your situation!



Jay Rana
Sellers: Your Home Sold GUARANTEED, Or I’ll Buy It!*
Buyers: If You Don't Love Your Home, I'll Buy It Back or Sell It Free!*

24HR FREE RECORDED MESSAGE: 1-844-834-7532 ID# 5672


Sales Representative, CENTURY 21 Titans Realty Inc. Brokerage
Real Estate Negotiation Expert, Real Estate Business Institute
www.getrana.com | jay@getrana.com | 647-930-1394 (direct) | 416-820-4504 (secondary)
 *conditions apply, please ask for details

1 Message Us On Facebook Message us on Facebook!
close