Bob Sethi, B.Comm | 604.273.2828

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Posted in Canada, CMHC, Conserative, economy, Flaherty, Genworth, Government, Harper, housing, insurance, mortgage, rules
HARPER'S CONSERVATIVE GOVERNMENT
TIGHTENING MORTGAGE RULES - AGAIN!
 
The Conservative Government is once again tightening rules for government-backed insured mortgages.  Changes which are leaving many in the industry puzzled given the positive market data concerning Canada's housing market and economy.  The effects of these new mortgage insurance rules will be watched closely by the housing industry and Canadian homebuyers.
 
If you've already bought, or are thinking of buying, you still have time to qualify on the existing rules.  Mortgage insurance applications received before June 21st, 2012 for binding purchase and sale agreements will be under the 'old' rules.  Applications received between June 21st, 2012 but before July 9th, 2012 that do not conform to the new rules must be funded by December 31st, 2012.  For full clarification I recommend you talk to a mortgage lending representative.  If you don't have one please let me know and I will recommend one for you.
 
Interested in reading the Government's official announcements?  See the following links:

Official press release made this morning @ http://www.fin.gc.ca/n12/12-070-eng.asp; and

FAQ’s regarding the specifics of the rule changes @ http://www.fin.gc.ca/n12/data/12-070_2-eng.asp.
 
I'll be posting more information as it becomes available.  Should you or anyone you know have any questions please feel free to contact me directly.
 
- Bob
 
 
 
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Bob Sethi, B.Comm
Office:604.273.2828
Fax:604.273.0685
RE/MAX Westcoast
#110-6086 Russ Baker Way
Richmond, BC
V7B 1B4 Canada

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