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Changes to CMHC Underwriting Criteria for Homeownership coming July 01, 2020

Tuesday Jun 9th, 2020

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  CMHC Reviews Underwriting Criteria Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance: Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to our standard requirements of 35/42; Establish minimum credit score of 680 for at least one borrower; and Non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes. To further manage... [read more]

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