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As of April 19th Genworth and CMHC will be making the following changes:
1. All rental suite income will no longer be qualified at an 80% offset, instead it will be a 50% Add Back!! This will greatly reduce the benefit to the client purchasing a home with a suite. If any of your clients REQUIRE rental income to qualify for a purchase, they need to have an accepted, unconditional offer in place prior to April 16th, 2010.
2. All refinances will require a 90% loan to value in the property
3. All mortgage terms less than 5 years, including Variable products, will have to be qualified at the 5 year fixed rate.
4. All self employed clients requiring a stated income product, will require a 10% down payment vs. the current 5% down payment.
5. All rental properties will require a 20% down payment.
If you have any questions please give Sue or your Mortgage Broker a call. | |
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