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New Parameters & Clarification from CMHC

There are two very important topics CMHC and Government of Canada has made public. Please read the following details.

1. New Parameters Regarding the Application of the Government Guarantee for Mortgage Loan Insurance.

Earlier today, the Government of Canada announcded new parameters regarding the application of the government guarantee supporting the Canadian mortgage insurance industry. The News Release and Backgrounder issued by the Department of Finance, summarizing the new rules, is attached for your information. The effective date when the new rules are to come into force is April 19, 2010. Please click HERE for complete letter written by CMHC.

2. Clarification on Qualifying Interest Rate Policy Changes to CMHC Self-Employed Product.

On February 16, 2010, the Government of Canada announced new parameters regarding the application of the government guarantee supporting the Canadian mortgage insurance industry. The purpose of this note is to provide clarification on the qualifying interest rate to be used for borrower qualification purposes on a CMHC-insured loan as well as advise on policy changes relating to the CMHC Self-Employed Product. Please click HERE for complete letter written by CMHC.

As well please reference the following link: http://www.fin.gc.ca/n10/10-011-eng.asp

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