IMPORTANT NOTICE: CMHC Program Changes! CMHC advises as follows: As a result of changes to CMHC’s mandate to contribute to the stability of the housing market, benefitting all Canadians, while effectively managing and reducing taxpayers’ exposure to risk, CMHC is undertaking a review of its mortgage loan insurance business. This is the first set of changes resulting from the review. As they are not core to CMHC’s insurance objectives, effective May 30th, 2014, CMHC is discontinuing its Second Home and Self-Employed Without Third Party Income Validation mortgage insurance products (both high and low ratio). These products each accounted for a small portion of CMHC’s business in 2013. Consequently, CMHC does not expect the discontinuation of these two products to have a material impact on the housing market. Self-employed Canadians can still qualify for CMHC-insured financing through CMHC homeowner products with validation of their income using traditional methods. Effective May 30th, 2014, CMHC will 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. CMHC helps Canadians meet their housing needs and contributes to the stability of the housing market and finance system. As part of the review of its mortgage loan insurance business, CMHC is evaluating its products and services to ensure they are aligned with these objectives.
Posted on: Fri, 25 Apr 2014 21:04:50 +0000
Trending Topics
Recently Viewed Topics
© 2015