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Pauline Tonkin posted a discussion:The Government is announcing four measures for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent:
• Reduce the maximum amortization period to 25 years from 30 years.
• Lower the maximum amount when refinancing to 80 per cent from 85 per... see more The Government is announcing four measures for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent:
• Reduce the maximum amortization period to 25 years from 30 years.
• Lower the maximum amount when refinancing to 80 per cent from 85 per cent of the value of their homes.
• Fix the maximum gross debt service ratio at 39 per cent and the maximum total debt service ratio at 44 per cent. (Currently, GDS does not apply to qualified borrowers with credit scores of 680+)
• Limit the availability of government-backed insured mortgages to homes with a purchase price of less than $1 million.11 months ago
