Yesterday, the CMHC announced that they have tightened their rules for qualifying buyers for an insured mortgage. As of July 1st, the minimum credit score for at least one applicant will be increased to 680 from 600. The total debt service ration will be lowered from 44 to 42, while the gross service debt ratio will be lowered from 39 to 35. Additionally, applicants will no longer be able to borrow money from a financial institution for their down payment. While the CMHC recently hinted at increasing the minimum down payment from 5% to 10%, this was not included in their official announcement.
So if you have been looking at buying a house, you may want to do so by the end of the month if you are able to. Find out how we can work with you to help you throughout the process: https://toprealestatenovascotia.com/buying.html