The broker channel of CIBC, Firstline Mortgages has eliminated all stated income programs as part of their ongoing review of risk management policies. These underwriting guideline changes come into effect February 1, 2012 for all new mortgage applications.
This will eliminate all New Immigrant, Non-Immigrant, Equity, Access and Self-Employed mortgage options for borrowers.
Existing mortgages which previously originated under these programs with Firstline that are renewed or refinanced will be grandfathered accordingly.
Firstline Mortgages has also decreased the maximum loan amount to a ceiling of $1 million for all new mortgage applications.
No other lenders have announced changes to their equity or stated income programs. For more information or to learn more about your borrowing options if you are Self-Employed don’t hesitate to contact me.