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What do the new CMHC rules mean for homebuyers?

from Global News

What do the new CMHC rules mean for homebuyers? Global News Getting mortgage default insurance is about to get harder after Canada’s federal housing agency recently announced stricter lending standards. The Canada Mortgage and Housing Corp. (CMHC) says it will no longer allow homebuyers to use borrowed funds for their down payment, will require a higher credit score from at least one borrower and will lower the threshold for how much debt applicants can carry compared to their income. READ MORE

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