This section of our Web site is your one-stop shop for all free and priced publications, reports and other CMHC resources. Canada Mortgage and Housing. CMHC Home Buyers Program . Now CMHC is back at it again by completing eliminating two programs that have been offered for quite a few years. Both the CMHC second home program and “stated income” program for self- employed borrowers will be eliminated at the end of May. In this article we discuss the changes to these CMHC home buyer programs. In January 2. 00. CMHC’s Second Home product was introduced to allow qualified borrowers to obtain CMHC- insured homeowner mortgage loan financing for the purchase or refinance of a second home. CMHC’s product for self- employed borrowers without traditional third party income verification was introduced in 2. These were typically borrowers who had recently become self- employed. CMHC’s product for Second Home will be discontinued. CMHC will now limit the availability of homeowner mortgage loan insurance to a maximum of one residential property (1- 4 units) per borrower/co- borrower at any given time. It is expected that Approved Lenders will verify, prior to submitting an application to CMHC, that the borrower(s) does not have an existing CMHC- insured homeowner loan. The maximum does not apply to other properties that are not insured under a CMHC Homeowner Mortgage Loan Insurance product or if the borrower sells a home that had CMHC Homeowner Mortgage Loan Insurance, or properties with loans insured under CMHC’s Rental Insurance products. CMHC’s product for self- employed borrowers without traditional third party income validation will be discontinued. CMHC’s tighter mortgage rules succeed in reducing exposure Add. 2015 as borrowers repay their loans faster than CMHC writes new.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
December 2016
Categories |