YOUR CANADIAN MORTGAGE BROKER

February 3, 2010

Borrow Your Down Payment! CMHC Flex Down Program

Your Professional Link to the Canadian Mortgage Market CMHC Flex Down

For Borrowers With a Down Payment From Non-Traditional Sources:

With CMHC Flex Down, Approved Lenders can offer home buyers additional flexibility when purchasing a home, including the opportunity to purchase a home using a wider range of sources for their down payment such as borrowed funds and lender cash-back incentives.

Features:

  • Available for Purchase Transactions
  • Loan-to-Value ratios of 90.01% to 95%
  • 1 – 2 unit residential properties
  • Wider range of sources of down payment permitted
  • Flexible financing options – single advance, progress advance and extended amortization periods are available
  • Flexibilities available for the purchase of energy-efficient homes

Benefits of CMHC Flex Down:

  • Helps Provide Earlier Access to Home ownership – with as little as 5% down using flexible sources of down payment.
  • Flexible Down Payments – Wider range of sources of down payment permitted.
  • Competitive Interest Rates – Access to CMHC insured financing, and as a result, competitive interest rates.
  • Availability – Available coast-to-coast-to-coast with no set maximum loan amount.

 

 


BREAKING NEWS

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March 8, 2010

There are two very important topics CMHC and Government of Canada has made public:

1. New Parameters Regarding the Application of the Government Guarantee for Mortgage Loan Insurance.

2. Clarification on Qualifying Interest Rate Policy Changes to CMHC Self-Employed Product.

March 2, 2010

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent.
The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.

The ongoing global economic recovery is being driven largely by strong domestic demand growth in many emerging-market economies and supported in advanced economies by exceptional monetary and fiscal stimulus, as well as extraordinary measures taken to support financial systems.

February 17, 2010
As many of you are aware already, a news conference was  held  yesterday morning in Ottawa by the Federal Finance Minister Jim Flaherty.  He announced three major changes to mortgage insurance rules which will affect all government backed insurance programs.
February 10, 2010
A ‘reverse mortgage’ is a new way of borrowing money for people 60 or older and own a home or condo to qualify for a reverse mortgage in Canada. The flexibility of never having to make monthly payments is why reverse mortgages are such an attractive option for thousands of Canadian homeowners.

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