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Mortgage Broker News | 09 Mar 2010, 12:00 AM Agree 0
CMHC is tightening the criteria needed for self-employed borrowers to get mortgage insurance, changes that will come into effect on April 9, according to Canadian Mortgage Trends.
  • Not large enough voice | 11 Mar 2010, 02:19 PM Agree 0
    Don't you wonder what happened to common sense? Where did it happen that everyone is running with their tails between their legs trying to cover their over sized butts?
  • Dave | 11 Mar 2010, 03:39 PM Agree 0
    So you can hide from the taxman, have a great net worth, own lots of assets and not buy a house. People that have good accountants and financial planners get screwed. Tell me how does the doctor making 500,000 showing the govt that he makes 30,000 amass all his assets without being shrewd.
  • Mukesh | 11 Mar 2010, 04:53 PM Agree 0
    what's most confusing is that cmhc issued an "advice" to lenders that bfs clients who are self employed for more than 3 years cannot qualify under the bfs programs after April/2010.....only bfs clients in their 1st to 3rd years of running their business can qualify under their bfs program ??????

    Who came up with this one? And how does this make any sense at all.

    BFS clients who have been running their businesses for 3+ years sucessfully, which is no small feat, are now being penalized for being able to keep their businesses up and running.
  • Karen | 12 Mar 2010, 06:38 AM Agree 0
    I was really puzzled myself about this change when I read the CMHC outline. I thought that the purpose of tightening up guidelines was to reduce risk. For the life of me I can't see how this reduces the risk by allowing new BFS to remain and established BFS disallowed? Is it the government trying to make sure that if you are BFS that they get you to claim more income, spend less developing your business, so that you pay more taxes...? So along with this comes a very mixed message... New growth in a country/economy requires new companies to get ESTABLISHED... and then once they are established there is employment growth all because some hard working BFS struggled, worked 20 hours a day, kept doing the right things, spent his/her money to develop their business and now... can't by a house.... Hmmm there is a puzzle...That was my first thought. Oh well... Maybe common sense will come back.....some day...We can only hope.
  • Elfie | 12 Mar 2010, 07:45 AM Agree 0
    Why is CMHC making it so tough for the self employed to get financing when they are proving to be one of the largest growing segments of the Canadian employment realm. They could have raised the beacon scores and accomplished a better result. I'm a small business woman who's built a mortgage company from scratch for the past two years. I employ 7 people in total. They have a great place to work and they work hard. Just when I know that all the my hard work paid off and I have a legitimate business that's making money, I might not be able to buy a house for the family that's made all the sacrifices while I worked my tail feathers off. But CMHC is willing to bet on the newcomer? Pretty soon they'll kill the Real Estate market with these foolish changes. The one thing that sustained Canada during this recent Recession.
  • Ann | 13 Mar 2010, 05:41 AM Agree 0
    CMHC has given two different statements in two different notices, 145 and 146. One says 5 year fixed terms must qualify at the greater of posted or contract rate the other says 5 year fixed terms qualify at the contracted rate. No one in government or CMHC has thought any of this through, they have just jumped to big banking's whip and the Canadian home owner/purchaser be damned.
  • Karen | 15 Mar 2010, 04:04 AM Agree 0
    Elfie....Good for you... You are what I am talking about and thank you for your response.
  • Dan | 16 Mar 2010, 06:01 PM Agree 0
    BTW - Any news on Genworth ALt-A or AIG Low Doc?
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