CMHC Predictions

By: Team Sturba

CMHC Predictions

Tags: CMHC, Housing Prices, Listings, Sales, Buyers, Sellers, TeamSturba, Windsorrealestate, HomeSales

If a Buyer doesn't have at least 20% as a down payment the banks and most lenders require that the Buyer is Insured by CMHC.  Buyers who have less than 20% for a down payment may find it harder to get a mortgage after July 1, 2020, as CMHC is tightening their lending conditions.  CMHC is going to require that the Buyer has a credit score of at least 680 up from 600.  In addition, the Buyer's TDSR (Total debt service ratio) does not exceed 35% down from 39%.

For the full article go to:
?https://windsorstar.com/business/money-news/canadas-mortgage-insurer-tightens-rules-as-it-forecasts-home-price-drop-of-up-to-18/wcm/84c86039-a6a5-4eed-b042-1d59cd75eae7/

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