On May 30, 2014, Canada Mortgage and Housing Corporation will be discontinuing its “Second Home” and “Self-Employed Without 3rd Party Income Validation” mortgage insurance products. Self-employed Canadians can still qualify for CMHC insured financing through CMHC homeowner products with a validation of their income using traditional methods.
CMHC’s mandate is to contribute to the stability of the housing market, benefitting all Canadians, while effectively managing and reducing taxpayers’ exposure to risk. CMHC is undertaking a review of its mortgage loan insurance business. This is the first set of changes resulting from this review.
If you are among Canada’s 2.7 million self-employed, and you want to buy your first or second property, get the facts! Talk to an accredited Mortgage Broker like Tracy Irwin. She’s been providing mortgage solutions that open doors since 2001.
