CMHC's Big Announcement - And Why It Has Little Impact: From Michelle Lapierre
Posted by Kerri-lyn Holland on
On June 3rd, Canada Mortgage and Housing Corporation (CMHC) took the mortgage industry by surprise when they announced significant changes to their underwriting guidelines, effective July 1st. We’ve teamed up with Mortgage Associate Michelle Lapierre of Mortgage Tailors to share a breakdown of some of the changes and how they’re impacting buyers. Here’s her advice:
These will impact buyers with less than 20% down. The following week the other two mortgage default insurers in Canada, Genworth and Canada Guaranty, announced they would not be following the same tightening measures. This has taken most of the impact out of CMHC's changes, as lenders will just send files that do not fit CMHC's tighter measures to the two insurers that allow them. That…
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