By : Toufic Hassoun
As of July 1, lots of changes to the mortgage industry. Some of the changes, a minimum beacon score of 680 to at least one applicant, no more borrowed down payment for any one purchasing a house with under 20% down.
The COVID-19 pandemic has hit the economy – including the housing market. To protect Canadians, we’re making changes to the mortgages that we insure.
As of July 1, we‘re making changes to how we assess your debt service ratios and credit scores. We’re also no longer accepting borrowed down payments.
These changes will reduce risk to taxpayers, support the stability of markets and protect the economic futures of Canada