The following changes will be implemented to CMHC’s Self-Employed Product without Traditional Third Party Validation of Income as of April 9th.
CMHC is reducing the maximum LTV (Loan to Value) for self employed products without third party validation of income as follows:
For purchases and portability transactions , the maximum LTV is being reduced from 95% to 90% and for refinance transactions, the maximum LTV is being reduced from 90% to 85%
Commission Income will no longer qualify under this program. And applicants who have been Self Employed for longer than 3 years will no longer qualify under this program.
For more information please don’t hesitate to contact me.