NEW MORTGAGE QUALIFYING RULES
New Qualifying Rules
- 20% down is the new required down payment starting April 19th, 2010 for rental properties.
- The new qualifying rate for mortgage qualification with a LTV (loan to value) over 80% is the bank posted rate for terms less than 5 years or VRM (variable rate mortgages).
- Click here to view the details further
- The bond yield is very high right now, rates will probably go up soon.
- More updates: CMHC is no longer accepting stated income (BFS) deals to 95%. They have dropped to 90% but Genworth remains unchanged.
- And they now require 3 years proof of self employment but again, Genworth remains unchanged.
This entry was posted on March 9th, 2010
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