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%.
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