Last Week, CMHC made some noise by eliminating their Stated Income Program as well as their Secondary Home Program. The biggest worry here was that parents who currently had a CMHC-insured mortgage would no longer be able to co-sign for their child who may also require a CMHC-insured mortgage. Of course there are still two other insurers in Genworth and Canada Guaranty, so this isnt really that big of a deal at this point.... and today I was just told that there is even less of a reason for concern, because for the time being, neither Genworth or Canada Guaranty are following CMHCs lead....
Posted on: Mon, 05 May 2014 16:25:11 +0000