Mortgage Insurance for Flood-Impacted Homebuyers

CMHC (Canada Mortgage and Housing Corporation) continues to provide mortgage insurance to Albertans, but what’s changed if you live and/or lived in a flood-affected area? CMHC has released a statement that clears up some of these questions, but here’s the basics you need to know: Applications for properties affected by floods will be considered, provided information is disclosed about any damages, and the lender confirms that remedial action has been taken to address flood-related issues. No new policies have been introduced by CMHC for underwriting mortgage applications for flood areas. Now let’s get the next part right from their own words so you know exactly…