Good news for investors and those with rental properties. As of September 28, CMHC allows for 100% of the rental income from a unit will be considered for new loan applications which are submitted to CMHC for mortgage insurance. This means a boost in the size of loans that investors can secure.
To qualify a property, it must have sustainable income with proof of that via two years of rental income. Also, an applicant will need a credit rating of at least 680.
To note, this benefits investors with properties that have one rental unit as buildings with multiple units owned by one person will have different rules.
Have questions? Give Carole a call at 613-592-6400 or call CMHC at 1-800-668-2642.