Tuesday, April 20, 2010

New CMHC Rules for Self-Employed

Dear Reader,

New CMHC Rules for Self-Employed Borrowers in effect TODAY

New rules for self-employed borrowers are effective today Friday, April 9th,
2010 for all mortgages insured by by Canada Mortgage and Housing Corporation
(CMHC) and pose new challenges for this category of clients.

*Purchases are only available up to 90% (previously 95%)

*Refinances are only available up to 85% (previously 90%)

*Commissioned sales borrowers are no longer eligible under this program

*A minimum of 2 years consecutive self-employment will no longer be required

*Borrowers must have a minimum of 2 years work experience in the same field

Now, self-employed and commissioned-income borrowers with more than three years in the same business applying for a mortgage, are required to provide traditional proof of income (or "third party validation") through documents like financial statements, T1 Generals, Notice of Assessments and T4s etc.

PLEASE NOTE: Genworth Financial Canada's (GNW) policies remain unchanged and self-employed applicants who have been in business for 2 years or longer continue to be eligible BUSINESS FOR SELF (ALT. A) program that means more Choice & Convenience for your potential clients.

TROUBLE GETTING FINANCING??? Have you been turned down lately?

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6 mon 3.85

1 year 2.49

2 year 2.95

3 year 3.29

4 year 4.09

5 year 4.19

7 year 4.95

10 year4.99

Prime Rate 2.25% prime -.50% = 1.75%

* No charge for qualified applicants

* 1st & 2nd Mortgages

* Up to 120 days rate guarantee

* 24Hour Mortgage Approval

* Mortgages on all types of Property (Industrial, Commercial

* Up to 7% Cash back for qualified applicants

* Secured Lines


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