As we all know, CMHC has made recent changes with the lending rules for Canadians to qualify for a mortgage and it has been always bad news when CMHC makes new changes. This time it will be good news especially if you’re a self-employed individual like business owners and entrepreneurs.
CMHC now is providing a change that will support self-employed individuals operating their business less than 24 months. CMHC is providing options to lenders to support more self-employed individuals and become more flexible.
It is anticipated it will take effect on Oct. 1, 2018. According to Bowers in his statement, “These policy changes respond to that reality by making it easier for self-employed borrowers to obtain CMHC mortgage loan insurance and benefit from competitive interest rates,”
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Article by: Peter Blake Petilos