Clarification to CMHC

I’ve had a ton of calls this week looking for clarification on CMHC’s announcement. Here it is. CMHC announced NEW changes this past Friday effective May 30, 2014 and they are as follows: CMHC BFS stated Income program- this program has been around for the past 9 years and will effective end on May 30. ALL self-employed borrowers will be required to prove income via traditional third party documentation. CMHC second home program- while we have enjoyed this program for the past 7 years, it too is ending. CMHC will no longer insure second homes for family or vacation property. CMHC will only allow one…