CMHC qualification changes self-employed borrowers
July 26, 2018 | Posted by: Darren Brown
Effective October 1, 2018 the Canada Mortgage and Housing Corporation will enhance qualification criteria for self-employed borrowers which will result in much-needed relief. Read the full press release here.
Monica Guido, CMHC's manager of client relations says '“Factors that could be used to support the lender’s decision will include acquiring an established business, having sufficient cash reserves, predictable earnings, previous training and education, and looking at borrowers’ demonstrated history of managing credit,”
Although a mortgage for the self employed will still have it's challenges, this relaxation of the guidelines will definitely help many entrepreneurs get their foot in the door.
If you'd like to discuss some self-employed mortgage options, please do not hesitiate to contact me in Edmonton @ 780-616-2674 or Saskatoon at 306-241-8519.