Federal Finance Minister Jim Flaherty announced three new rule changes connected to government-backed insured mortgages Commencing April 19, 2010. Increase in qualifying rate regardless of rate/term. Decrease in Equity take out from 95% to 90% LTV. Minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased "for speculation." Government press release click here CommentsLeave a Reply |
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