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.
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Source: CBC News, CREA