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CMHC Tightens Mortgage Insurance Rules
2014-05-06
Author: Donna Carson
Canada Mortgage and Housing Corp (CMHC) announced that it is cutting some types of mortgages that they will insure.
Effective May 30, 2014, it will stop insuring mortgages for second homes. So anyone who currently has a CMHC insured mortgage will not be able to insure another one. No co-signing for your children if you have an insured mortgage of your own. And no purchasing a new house with a CMHC mortgage if you rented our your CMHC insured condo. Those would both be classed as second properties.
CMHC is also going to stop insuring mortgages for self-employed people who can't verify their income through third parties. That could have an impact on a significant number of people I'm thinking. And this could be for a primary residence, whereas atleast the other pending change is not.
Are more changes coming?
In July 2012, they already capped insured mortgages at 25 years, down from the previous 30 years.
To talk about problems you may be having with your CMHC insured mortgage, or any other debt, contact your local MNP Ltd. office.
Donna Carson
CIRP, LIT, CPA
Senior Vice President
Servicing: Calgary (Downtown), Red Deer, Drumheller, Calgary (NE), Airdrie
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