Last week the Government of Canada announced changes to CMHC insured mortgages. CMHC said that the changes where aimed at protecting and strengthening the Canadian housing market. The new measures include:
Fixing the Maximum amortization for insured mortgages to 35 years
Requiring a Minimum down payment of Five per cent for new insured mortgages
Establishing a consistent minimum credit score requirement
Introducing new loan documentation standards.
The new requirements are planned to take effect October 15, 2008. This will allow existing mortgage pre approvals with 90 day duration to be used or expire.
Please click on the following link to read last week's press release in more detail:
http://www.fin.gc.ca/news08/08-051e.html
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