CMHC to limit mortgage insurance product offerings

Canada Mortgage and Housing Corporation will no longer offer mortgage insurance on second homes, the crown corporation said on Friday. It will also discontinue selling mortgage insurance to self-employed people without third-party income validation. The new limitations mean borrowers will also no longer be able to act as co-borrowers on other applications. These changes, which will take effect on May 30, are part of the ongoing review of the mortgage loan insurance business.
Source: CBC News, CREA April 26 2014

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