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Features:
Available for Purchase transactions Loan-to-Value ratios up to 95% for 1 – 2 unit residential properties Loan-to-Value ratios up to 90% for 3 – 4 unit residential properties Flexible financing options – single advance, progress advances and extended
amortization periods are available Available for Permanent and Non-Permanent Residents (Maximum Loan-to-
Value for Non-Permanent Residents is 90%) Flexibilities available for the purchase of energy-efficient homes
Benefits of CMHC’s Standard Purchase Product: √ Helps Provide Earlier Access to Homeownership – With as little
as a 5% down payment. √ Competitive Interest Rates – Access to CMHC insured financing, and
as a result, competitive interest rates. √ Availability – Available coast-to-coast-to-coast with no set maximum
loan amount.
For Borrowers With a Traditional Down Payment of 5% or More Approved Lenders can offer CMHC insured financing up to 95% of a home’s value on purchase transactions for borrowers with a traditional source of down payment, and help make dreams of homeownership come true.
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2007, Canada Mortgage and Housing Corporation.
OPI
MS
656
06 0
9/21
/07
CMHC Standard purchase
CMHC Standard Purchase
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Loan Purpose Purchase
Portability Single and Progress Advances Purchase with Improvements
Loan-to-Value (LTV) Ratio Up to 95% for 1-2 Units Up to 90% for 3-4 Units
Maximum House Price No Maximum Down Payment Requirement Traditional Sources* Number of Units/Occupancy 1- 4, owner and non-owner occupied properties Maximum Amortization 40 years. Maximum 25 years for Chattel Mortgages. Borrower Eligibility Permanent Residents including Newcomers to Canada. Self-Employed Borrowers
with third-party documentation to support their income. Non-Permanent Residents are limited to 1 unit owner-occupied properties and a maximum LTV of 90%.
General Guideline for History of Managing Credit**
Recommended minimum Beacon score or comparable guideline**: Not applicable, except for standard variable rate mortgages where a recommended minimum 610 Beacon score or comparable guideline is required for LTV ratios between 90.01% and 95%
Debt Service Guidelines
Recommended minimum Beacon score or comparable guideline**: GDS/TDS: < 680: 35% / 42% 680+: n/a / 44%
Loan Security First Mortgages and Chattel Mortgages Interest Rate Types Fixed, capped and standard variable, and adjustable Energy-Efficient Housing Flexibilities for energy-efficient housing include a 10% premium refund and
extended amortization periods without surcharge * Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (< 50% of minimum required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency). ** Individuals can access their scores and credit reports from the following credit reporting agencies: EQUIFAX: https://www.econsumer.equifax.ca/ca/main, EXPERIAN: http://www.experian.ca/, TRANSUNION: http://www.transunion.ca/
Applicable Premiums (Owner-occupied properties)*** Surcharges
Loan to Value Ratio ****
Premium on Total Loan
Amount
Premium on Increase to Loan
Amount for Portability
Up to and including 65% 0.50% 0.50%
Up to and including 75% 0.65% 2.25%
Up to and including 80% 1.00% 2.75%
Up to and including 85% 1.75% 3.50%
Up to and including 90% 2.00% 4.25%
Up to and including 95% 2.75% 4.25%*
Extended Amortization Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period Blended Amortization for Portability 0.50%
CMHC Line of Credit/Interest Only Mortgages Repayment Option: 5 years (5/20) 0.25% 10 years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35% (Product specific terms and conditions apply, see OPIMS 65612)
*** For purchase transactions the premium payable is the Premium on Total Loan Amount. For portability, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. A premium credit may be available under certain conditions. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount. **** For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV.
Features:
Available for Purchase Transactions Loan-to-Value ratios of 95.01% to 100%, with additional flexibilities for owner-
occupied properties with loan-to-values between 95.01% and 97% 1 - 2 unit residential properties Flexible financing options – single advance, progress advance and extended
amortization periods are available Flexibilities available for the purchase of energy-efficient homes
Benefits of CMHC Flex 100: √ Helps Provide Earlier Access to Homeownership – with little or
no down payment. √ Competitive Interest Rates – Access to CMHC insured financing, and
as a result, competitive interest rates. √ Availability – Available coast-to-coast-to-coast with no set maximum
loan amount.
For Home Buyers with Little or No Down Payment With CMHC Flex 100, Approved Lenders can offer home buyers the opportunity to purchase a home with little or no down payment by providing CMHC insured financing of up to 100% of a home’s value – helping to make dreams of homeownership come true.
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2008, Canada Mortgage and Housing Corporation.
OPI
MS
656
10 0
4/23
/08
CMHC Flex 100
CMHC FLEX 100
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Loan Purpose Purchase Portability Single and Progress Advances Purchase with Improvements
Loan-to-Value (LTV) Ratio 95.01% to 100% Maximum House Price No Maximum Down Payment Requirement
100%: None required < 100%: Traditional* and non-traditional sources**
Number of Units/Occupancy
1- 2, owner and non-owner occupied properties
Maximum Amortization 40 years Borrower Eligibility Permanent Residents including Newcomers to Canada.
Self-Employed Borrowers with third-party documentation to support their income. General Guideline for History of Managing Credit
Recommended minimum Beacon score or equivalent***: Owner occupied properties: LTV 95.01% to 97% (with traditional source of down payment*): 650 LTV 95.01% to 97% (with non-traditional source of down payment**): 680 LTV 97.01% to 100%: 680 Non-owner occupied properties: LTV 95.01% to 100%: 680
Debt Service Guidelines
Recommended minimum Beacon score or equivalent ***: GDS/TDS: Owner occupied properties: LTV 95.01% to 97%: 650 – 679: 35% / 42% (with traditional source of down payment*) LTV 95.01% to 97%: 680+: n/a / 44% LTV 97.01% to 100%: 680+: 32% / 40% Non-owner occupied properties: LTV 95.01% to 100%: 680+: TDS 44%
Loan Security Real estate mortgage in first position Interest Rate Types Fixed, capped and standard variable, and adjustable Energy-Efficient Housing Flexibilities for energy-efficient housing include a 10% premium refund and extended
amortization periods without surcharge *Traditional Sources of Down Payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (< 50% of minimum required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency). ** Non-traditional Sources of Down Payment include: Any source that is arm’s length to and not tied to the purchase or sale of the property such as borrowed funds, gifts, 100% sweat equity and lender cash back incentives. *** Individuals can access their scores and credit reports from the following credit reporting agencies: EQUIFAX: https://www.econsumer.equifax.ca/ca/main, EXPERIAN: http://www.experian.ca/, TRANSUNION: http://www.transunion.ca/
Applicable Premiums (Owner-occupied properties) Surcharges
Loan to Value Ratio
Premium on Total Loan
Amount
Premium on Increase to Loan
Amount for Portability
95.01% to 97% Traditional Down Payment* Non-Traditional Down Payment**
2.90% 3.00%
4.80% 4.80%
97.01% to 100% 3.10% 4.80%
Extended Amortization Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period Blended Amortization for Portability 0.50%
For purchase transactions, the premium payable is the Premium on Total Loan Amount. For portability, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. A premium credit may be available under certain conditions. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV.
Features:
Available for Purchase Transactions Loan-to-Value ratios of 90.01% to 95% 1 – 2 unit residential properties Wider range of sources of down payment permitted Flexible financing options – single advance, progress advance and extended
amortization periods are available Flexibilities available for the purchase of energy-efficient homes
Benefits of CMHC Flex Down: √ Helps Provide Earlier Access to Homeownership – with as little as
5% down using flexible sources of down payment. √ Flexible Down Payments – Wider range of sources of down payment
permitted. √ Competitive Interest Rates – Access to CMHC insured financing, and
as a result, competitive interest rates. √ Availability – Available coast-to-coast-to-coast with no set maximum
loan amount.
For Borrowers With a Down Payment From Non-Traditional Sources With CMHC Flex Down, Approved Lenders can offer home buyers additional flexibility when purchasing a home, including the opportunity to purchase a home using a wider range of sources for their down payment such as borrowed funds and lender cash-back incentives.
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2007, Canada Mortgage and Housing Corporation.
OPI
MS
656
08 0
9/21
/07
CMHC Flex Down
CMHC Flex Down
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Loan Purpose Purchase
Portability Single and Progress Advances Purchase with Improvements
Loan-to-Value (LTV) Ratio 90.01% to 95% Maximum House Price No maximum Down Payment Requirement Non-Traditional Sources* Number of Units/Occupancy 1- 2, owner and non-owner occupied properties Maximum Amortization 40 years Borrower Eligibility Permanent Residents including Newcomers to Canada. Self-Employed Borrowers
with third-party documentation to support their income. General Guideline for History of Managing Credit
Recommended minimum Beacon score or comparable guideline**: 650
Debt Service Guidelines
Recommended minimum Beacon score or comparable guideline**: GDS/TDS: < 680: 35% / 42% 680+: n/a / 44%
Loan Security First Mortgage Only Interest Rate Types Fixed, capped and standard variable, and adjustable Energy-Efficient Housing Flexibilities for energy-efficient housing include a 10% premium refund and extended
amortization periods without surcharge. Ineligible Products /Borrowers CMHC Self-Employed Simplified, CMHC Line of Credit/Interest Only Mortgages and
Non-Permanent Residents.
* Non-traditional sources of down payment include: Any source that is arm’s length to and not tied to the purchase or sale of the property such as borrowed funds, gifts, 100% sweat equity and lender cash back incentives. ** Individuals can access their scores and credit reports from the following credit reporting agencies: EQUIFAX: https://www.econsumer.equifax.ca/ca/main, EXPERIAN: http://www.experian.ca/, TRANSUNION: http://www.transunion.ca/
Applicable Premiums (Owner-occupied properties) Surcharges
Loan to Value Ratio Premium on
Total Loan Amount
Premium on Increase to Loan
Amount for Portability
90.01% to 95% 2.90% 4.25%
Extended Amortization Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period
Blended Amortization for Portability 0.50%
For purchase transactions the premium payable is the Premium on Total Loan Amount. For portability, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. A premium credit may be available under certain conditions. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount. For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV.
Features:
Available for Purchase and Refinance Transactions Loan-to-Value ratios up to 90% 1 – 4 unit residential properties Option of making interest only payments for first 5 or 10 years
(premium surcharges apply) For CMHC Line of Credit, borrowers can have more flexibility in drawing or
repaying funds Full repayment required within 25 years of loan initiation
Benefits of CMHC Line of Credit / Interest Only: √ Flexible Repayment – Borrowers can pay interest only for up to 10
years. √ Flexible Advancing – Borrowers can draw funds up to the insured
line of credit limit as often as they wish without the need for the lender to reapply for mortgage loan insurance for each advance.
√ Competitive Interest Rates – Access to CMHC insured financing, and as a result, competitive interest rates.
√ Availability – Available coast-to-coast-to-coast with no set maximum loan amount.
Providing Greater Advancing and Repayment Flexibility to Borrowers
CMHC’s Line of Credit / Interest Only Mortgage product enables Approved Lenders to provide borrowers with greater housing finance choice by offering greater advancing and repayment flexibility than traditional mortgage loans.
The above terms and conditions are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2007, Canada Mortgage and Housing Corporation.
OPI
MS
656
12 0
9/21
/07
CMHC Line of Credit/ Interest Only Mortgages
CMHC Line of Credit / interest Only Mortgages
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
CMHC Line of Credit / interest Only Mortgages
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Loan Purpose Purchase
Portability Refinance Single and Progress Advances Purchase and Refinance with Improvements
Loan-to-Value (LTV) Ratio Up to 90% Down Payment Requirement Traditional sources* Number of Units/Occupancy 1- 4 units, owner and non-owner occupied properties Maximum Amortization Full repayment required within 25 years of loan initiation Borrower Eligibility Permanent Residents including Newcomers to Canada
General Guideline for History of Managing Credit
Recommended minimum Beacon score or comparable guideline**: 650
Debt Service Guidelines
Recommended Beacon score or comparable guideline**: GDS/TDS: < 650: Not available 650 to 679: 35% / 42% 680+: n/a / 44% Debt Service Ratios must be calculated based on the amortizing principal and interest payments required to repay the insured amount over the life of the loan.
Loan Security First Mortgage, Second Mortgage (Refinance), Collateral Mortgage Interest Rate Types Fixed, capped and standard variable, and adjustable Energy-Efficient Housing For CMHC Line of Credit / Interest Only Mortgages, flexibilities for energy-efficient
housing include a 10% premium refund. * Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (< 50% of minimum required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency). ** Individuals can access their scores and credit reports from the following credit reporting agencies: EQUIFAX: https://www.econsumer.equifax.ca/ca/main, EXPERIAN: http://www.experian.ca/, TRANSUNION: http://www.transunion.ca/
Applicable Premiums Surcharges
Loan to Value Ratio Premium on
Total Loan Amount
Premium on Increase to Loan
Amount for Portability and
Refinance
Up to and including 65% 0.50% 0.50%
Up to and including 75% 0.65% 2.25%
Up to and including 80% 1.00% 2.75%
Up to and including 85% 1.75% 3.50%
Up to and including 90% 2.00% 4.25%
CMHC Line of Credit/ Interest Only Mortgages Repayment Option:
5 years (5/20) 0.25%
10 years (10/15) 0.50%
Conversion from 5/20 to 10/15 0.35%
For purchase transactions the premium payable is the Premium on Total Loan Amount. For portability and refinance, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. A premium credit may be available under certain condition for Portability. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount.
Features:
Available for all CMHC insured mortgage loans covering 1-4 unit residential properties originally approved through emili
No new premium due where terms of mortgage are unchanged (same or lower Loan-to-Value (LTV), loan amount and amortization period)
Premium payable where there is an increase to LTV, loan amount, and/or amortization period
Where Premium on Total Loan Amount is payable, a premium credit may be available under certain conditions.
Benefits of CMHC Portability: √ Reduced Costs – Repeat users of CMHC Mortgage Loan Insurance may
be able to save money by reducing or eliminating the mortgage loan insurance premium on the financing of a new home.
√ Competitive Interest Rates – Access to CMHC insured financing, and as a result, competitive interest rates.
√ Availability – Available coast-to-coast-to-coast with no set maximum loan amount.
Providing Flexibility and Financing Choice for Borrowers who are Relocating CMHC’s portability feature allows borrowers to port their CMHC insured mortgage loan from an existing home to a new home and in some cases save money by reducing or eliminating the premium on the financing of the new home.
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2008, Canada Mortgage and Housing Corporation.
OPI
MS
656
20 0
4/18
/08
CMHC Portability
CMHC Portability
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Eligible Products All CMHC insured mortgage loans covering 1-4 unit properties originally approved through emili. The borrowers on the new application must be the same borrowers as on the original approved application.
Portability Options Straight Portability Portability-with-Increase
Straight Portability The existing mortgage balance, remaining amortization, and Loan-to-Value Ratio on a new property remain unchanged (or is lower)
No new mortgage loan insurance premium is paid Portability-with-Increase There is an increase to LTV, loan amount, and/or amortization period
The premium payable is the lesser of the Premium on Total Loan Amount less applicable Premium Credit or the Premium on Increase to Loan Amount.
Maximum Loan-to-Value (LTV) For Portability-with-Increase, where the Premium on the Increase to the Loan Amount is paid, the maximum loan to value is 90%.
CMHC may consider a higher Loan-to-Value Ratio when the new ratio is equal to or less than the original Loan-to-Value Ratio.
Applicable Premiums (Owner-occupied properties) Surcharges
Loan to Value Ratio
Premium on Total Loan
Amount
Premium on Increase to Loan
Amount for Portability
Up to and including 65% 0.50% 0.50%
Up to and including 75% 0.65% 2.25%
Up to and including 80% 1.00% 2.75%
Up to and including 85% 1.75% 3.50%
Up to and including 90% 2.00% 4.25% Up to and including 95% Traditional Down Payment** Non-traditional Down Payment***
2.75% 2.90%
4.25%* 4.25%*
Up to and including 97% Traditional Down Payment** Non-Traditional Down Payment***
2.90% 3.00%
4.80%* 4.80%*
Up to and including 100% 3.10% 4.80%*
Extended Amortization Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period Blended Amortization for Portability 0.50%
CMHC Line of Credit/Interest Only Mortgages Repayment Option: 5 years (5/20) 0.25% 10 years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35% (Product specific terms and conditions apply, see OPIMS 65612)
For portability, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. Where new Premium on Total Loan Amount is paid, a premium credit may be available under certain conditions. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount.
* For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV.
**Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (< 50% of minimum required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency).
*** Non-traditional sources of down payment include: Any source that is arm’s length to and not tied to the purchase or sale of the property such as borrowed funds, gifts, 100% sweat equity and lender cash back incentives.
Premium Credits where new Premium on Total Loan Amount is paid
Time from original Closing Date* Premium credit based on the Mortgage Loan Insurance Premium Previously Paid on the Current CMHC Insured Loan
Within 6 months 100%
Within 12 months 50%
Within 24 months 25%
* Mortgage Loan Insurance is portable beyond 2 years; however, a premium credit will not apply.
Features:
Loan-to-Value (LTV) ratios up to 95% for 1 – 2 unit residential properties (Maximum additional funds of $150,000 for LTVs of 90.01% to 95%)
Loan-to-Value ratios up to 90% for 3 – 4 unit residential properties (Maximum additional funds of $200,000 for LTVs up to 90%)
Funds can be used for a variety of purposes Flexible financing options - Single advance, progress advances and extended
amortization periods are available
Benefits of CMHC Refinance: √ Higher Loan-to-Value Ratios – CMHC Mortgage Loan Insurance can
facilitate greater access to equity in the home. √ Flexibility – Flexible terms and conditions to meet a variety of
refinancing needs. √ Competitive Interest Rates – Access to CMHC insured financing, and
as a result, competitive interest rates. √ Availability – Available coast-to-coast-to-coast with no set maximum
loan amount.
Open the Door to a Range of Refinancing Options With CMHC Refinance, Canadians can have access to flexible and affordable refinancing options allowing them to access equity in their existing homes and achieve their financial goals.
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2007, Canada Mortgage and Housing Corporation.
OPI
MS
656
18 0
9/21
/07
CMHC Refinance
CMHC Refinance
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Loan Purpose Refinance Loan-to-Value (LTV) Ratio
Up to 95% for 1 – 2 units Up to 90% for 3 – 4 units
Based on as-is or as-improved value Maximum Additional Funds
Maximum additional funds of $150,000 for LTVs of 90.01% to 95% Maximum additional funds of $200,000 for LTVs up to 90%
Purpose of Funds Any purpose, except default management Number of Units/Occupancy
1- 4, owner and non-owner occupied properties
Maximum Amortization 40 years. Maximum 25 years for Chattel Mortgages.
Borrower Eligibility Permanent Residents including Newcomers to Canada
General Guideline for History of Managing Credit
Recommended minimum Beacon score or comparable guideline*: Not applicable up to 90% LTV 90.01% and 95%: 650
Debt Service Guidelines Recommended Beacon score or comparable guideline*: GDS/TDS: < 680: 35% / 42% 680+ : n/a / 44%
Loan Security First or Second Mortgage, Chattel Mortgage Interest Rate Types All (Fixed, capped and standard variable, and adjustable) Options for Financing Improvements
CMHC Refinance with Improvements (Improvements <10% of as-improved value)
CMHC Progress Advances (Improvements >10% of as-improved value)
CMHC Energy-Efficient Homes (Enhanced flexibilities for energy-efficient improvements including a 10% premium refund and extended amortizations without surcharge)
Ineligible Borrowers Non-permanent residents * Individuals can access their scores and credit reports from the following credit reporting agencies: EQUIFAX: https://www.econsumer.equifax.ca/ca/main, EXPERIAN: http://www.experian.ca/, TRANSUNION: http://www.transunion.ca/
Applicable Premiums (Owner-occupied properties) Surcharges
Loan to Value Ratio
Premium on Total Loan
Amount
Premium on Increase to Loan
Amount for Refinance
Up to and including 65% 0.50% 0.50%
Up to and including 75% 0.65% 2.25%
Up to and including 80% 1.00% 2.75%
Up to and including 85% 1.75% 3.50%
Up to and including 90% 2.00% 4.25%
Up to and including 95% 2.75% 4.25%
Extended Amortization Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period Blended Amortization for Refinance 0.50%
CMHC Line of Credit/Interest Only Mortgages Repayment Option: 5 years (5/20) 0.25% 10 years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35% (Product specific terms and conditions apply, see OPIMS 65612)
For refinance, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount.
Features:
Available for Purchase or Refinance Transactions Used when the loan includes improvement costs that are less than or equal to
10% of the property’s estimated as-improved value. One easy transaction - once application is approved, Approved Lenders can
advance funds as needed without requiring CMHC authorization
Benefits of CMHC Purchase or Refinance with Improvements: √ Flexibility – Ideal for small scale renovation projects financed in
conjunction with a home purchase or a refinance transaction. √ Competitive Interest Rates – Access to CMHC insured financing,
and as a result, competitive interest rates. √ Availability – Available coast-to-coast-to-coast with no set maximum
loan amount.
Facilitating the Financing of Smaller Scale Home Improvements CMHC provides mortgage loan insurance for the purchase of a home and the cost of any immediate renovations, or for refinancing where funds are used to make improvements which increase the market value of the property.
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2008, Canada Mortgage and Housing Corporation.
OPI
MS
656
24 0
4/18
/08
CMHC Purchase or Refinance with Improvements
CMHC Purchase or Refinance with improvements
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Applicable Premiums (Owner-occupied properties) Surcharges
Loan to Value (LTV) Ratio Premium on
Total Loan Amount
Premium on Increase to Loan
Amount for Portability and
Refinance
Up to and including 65% 0.50% 0.50%
Up to and including 75% 0.65% 2.25%
Up to and including 80% 1.00% 2.75%
Up to and including 85% 1.75% 3.50%
Up to and including 90% 2.00% 4.25%
Up to and including 95% Traditional Down Payment** Non-traditional Down Payment***
2.75% 2.90%
4.25%* 4.25%*
Up to and including 97% Traditional Down Payment** Non-Traditional Down Payment***
2.90% 3.00%
4.80%* 4.80%*
Up to and including 100% 3.10% 4.80%*
Extended Amortization Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period Blended Amortization for Portability and Refinance 0.50%
CMHC Line of Credit/Interest Only Mortgages Repayment Option: 5 years (5/20) 0.25% 10 years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35% (Product specific terms and conditions apply, see OPIMS 65612)
For purchase transactions the premium payable is the Premium on Total Loan Amount. For portability and Refinance, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. A premium credit may be available under certain conditions. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount.
* For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV.
**Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (< 50% of minimum required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency).
*** Non-traditional sources of down payment include: Any source that is arm’s length to and not tied to the purchase or sale of the property such as borrowed funds, gifts, 100% sweat equity and lender cash back incentives.
Eligible Products CMHC Standard Purchase CMHC Flex 100 CMHC Flex Down CMHC Line of Credit / Interest Only Mortgages CMHC Self-Employed Simplified CMHC Refinance
Increase in Market Value Increase to the market value of the property is limited to 10% of the property’s as-improved market value. Where the increase is greater than 10%, CMHC’s Progress Advance process is to be used
As Improved Value Lender’s estimate of the property’s value, once the improvements are completed. Down payment requirements are based on the as-improved value. The as-improved value is used to determine maximum loan amount subject to Loan to Value (LTV) limitations.
Mortgage Advances First advance up to 100% of current (as-is) market value and subsequent advance(s) up to 100% of as-improved value (maximum LTV varies by product).
Features:
Available for New Construction or Large Scale Home Improvements (greater than 10% of the estimated “as-improved” value of the property)
Insured funds are advanced during construction at different stages of work No additional fees or premiums for progress advances – standard product
premiums apply Eligible borrowers include: individual borrowers, self builders, and home
builders where the home is pre-sold.
Benefits of CMHC Progress Advance √ Funds Advanced when Needed – Funds are advanced during
construction at different stages of work. √ Flexibility – Flexible number and timing of advances to meet borrower
needs. √ Competitive Interest Rates – Access to CMHC insured financing, and
as a result, competitive interest rates. √ Availability – Available coast-to-coast-to-coast with no set maximum
loan amount.
Facilitating New Construction and Large Scale Home Improvements CMHC’s Progress Advance is designed to meet the housing finance needs of borrowers who are building new homes or who want to undertake large scale home improvements by providing insured financing during the home construction/improvement process.
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2008, Canada Mortgage and Housing Corporation.
OPI
MS
656
22 0
4/18
/08
CMHC Progress Advance
CMHC Progress advance
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Loan Purpose Purchase
CMHC Standard Purchase CMHC Flex 100 CMHC Flex Down
Portability Refinance Line of Credit / Interest Only Mortgages (except for Homebuilder Pre-sold
borrowers) Eligible Borrowers Permanent Residents including Newcomers to Canada Borrower Types Individual Borrower: The borrower owns the land prior to start of construction,
and has a contract with a builder to construct the unit. Self-built: The property is registered in the name of the borrower who does the
work / or contracts with one or more subcontractors to build or renovate the property.
Homebuilder Pre-sold: The builder retains title during the course of construction. The Approved Lender advances directly to the builder during construction. The builder does not start construction until an agreement of Purchase and Sale for the land and unit has been finalized with the future homeowner (i.e. mortgage loan insurance applicant). Line of Credit not available.
Applicable Premiums Surcharges
Loan to Value (LTV) Ratio Premium on
Total Loan Amount
Premium on Increase to Loan
Amount for Portability and
Refinance
Up to and including 65% 0.50% 0.50%
Up to and including 75% 0.65% 2.25%
Up to and including 80% 1.00% 2.75%
Up to and including 85% 1.75% 3.50%
Up to and including 90% 2.00% 4.25%
Up to and including 95% Traditional Down Payment** Non-traditional Down Payment***
2.75% 2.90%
4.25%* 4.25%*
Up to and including 97% Traditional Down Payment** Non-Traditional Down Payment***
2.90% 3.00%
4.80%* 4.80%*
Up to and including 100% 3.10% 4.80%*
Extended Amortization Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period Blended Amortization for Portability and Refinance 0.50%
CMHC Line of Credit/Interest Only Mortgages Repayment Option: 5 years (5/20) 0.25% 10 years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35% (Product specific terms and conditions apply, see OPIMS 65612)
For purchase transactions the premium payable is the Premium on Total Loan Amount. For portability and Refinance, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. A premium credit may be available under certain conditions. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount.
* For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV.
**Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (< 50% of minimum required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency).
*** Non-traditional sources of down payment include: Any source that is arm’s length to and not tied to the purchase or sale of the property such as borrowed funds, gifts, 100% sweat equity and lender cash back incentives.
Features:
Available for Purchase and Refinance transactions including Line of Credit/Interest Only Mortgages
1 and 2 unit residential properties No documentation required on a borrower’s tax status – CMHC relies on
emili’s experienced and sophisticated risking models Flexible financing options - Single advance, progress advances and extended
amortization periods are available Flexibilities available for energy-efficient homes
Self-Employed Borrowers Benefit: √ Smaller Down Payments – Purchase a home with as little as a 5%
down payment. √ Competitive Interest Rates – Access to CMHC insured financing, and
as a result, competitive interest rates. √ Availability – CMHC Self-Employed Simplified is available coast-to-
coast-to-coast with no set maximum loan amount.
For Borrowers Without Traditional Forms of Income Verification CMHC Self-Employed Simplified can make it easier for self-employed borrowers, who have difficulty providing third party validation of their income, to realize their dreams of homeownership.
OPI
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656
14 0
2/27
/08
CMHC SELF-Employed Simplified
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2008, Canada Mortgage and Housing Corporation.
CMHC SELF-EMPLOYED Simplified
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Loan Purpose Purchase, Portability, Refinance, Purchase or Refinance with Improvements, Single and Progress Advances, Line of Credit/Interest Only Mortgages
Loan-to-Value (LTV) Ratio Purchase – up to 95% LTV ratio Refinance – up to 90% LTV ratio Line of Credit/Interest Only Mortgages – up to 90% LTV ratio
Down Payment Requirement Traditional Sources* (with the exception of gift down payments which are not permitted) Number of Units/Occupancy 1- 2 units, owner-occupied properties Maximum Amortization 40 years. Maximum 25 years for Line of Credit. Borrower Eligibility Permanent Residents. Self-employed and Commissioned (100% of income is commissioned).
Minimum 2 years in same type of work, even if not in a self-employed capacity. Not available for borrowers without a Canadian credit history and non-permanent residents. No income tax arrears.
General Guideline for History of Managing Credit
Recommended minimum Beacon score or comparable guideline**: LTV up to 75%: 600 LTV 75.01% to 85%: 620 LTV 85.01% to 90%: 650 LTV 90.01% to 95% (purchase only): 700
Debt Service Guidelines
Recommended minimum Beacon score or comparable guideline**: GDS/TDS: <680: 35% / 42% 680+: n/a / 44%
Loan Security First Mortgage or Second Mortgage (Refinance) Interest Rate Types Fixed, capped and standard variable, and adjustable Energy-Efficient Housing Flexibilities for energy-efficient housing include a 10% premium refund and extended
amortization periods without surcharge Ineligible Products /Borrowers
CMHC Flex 100. CMHC Flex Down. CMHC 1-4 Unit Rental Properties. Borrowers without a Canadian Credit History. Non-Permanent Residents.
* Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (< 50% of minimum required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency). ** Individuals can access their scores and credit reports from the following credit reporting agencies: EQUIFAX: https://www.econsumer.equifax.ca/ca/main, EXPERIAN: http://www.experian.ca/, TRANSUNION: http://www.transunion.ca/
Applicable Premiums (Owner-occupied properties) Surcharges
Loan to Value Ratio Premium on
Total Loan Amount
Premium on Increase to Loan
Amount for Portability and
Refinance
Up to and including 65% 0.80% 1.50%
Up to and including 75% 1.00% 2.60%
Up to and including 80% 1.64% 3.85%
Up to and including 85% 2.90% 5.50%
Up to and including 90% 4.75% 7.00%
Up to and including 95% 6.00% N/A
Extended Amortization Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period Blended Amortization for Portability and Refinance 0.50%
CMHC Line of Credit/Interest Only Mortgages Repayment Option: 5 years (5/20) 0.25% 10 years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35% (Product specific terms and conditions apply, see OPIMS 65612)
For purchase transactions the premium payable is the Premium on Total Loan Amount. For portability and refinance, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. In the case of portability, a premium credit may be available under certain conditions. Premiums in Ontario and Quebec are subject to provincial sales tax. The sales tax cannot be added to the loan amount.
For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV. For conversion from confirmed income to CMHC Self-Employed Simplified, the premium is the lesser of: a) the Premium on Total Loan Amount or; b) the outstanding balance multiplied by a 1.5% premium plus the Premium on Increase to Loan Amount.
Features:
Purchase - Loan-to-Value ratios up to 100% Refinance - Loan to Value ratios up to 95% No application fee or lender appraisal required Streamlined automated processing through emili Flexible financing options - Single advance, progress advances, Line of
Credit/Interest Only Mortgages and extended amortization periods are available Flexibilities available for energy-efficient homes
Benefits to Investors: √ Larger Loans – A CMHC insured mortgage, through an Approved
Lender often provides access to larger loans, versus conventional mortgage financing.
√ Competitive Interest Rates – Access to CMHC insured financing, and as a result, competitive interest rates.
√ Flexibility – Flexible terms and conditions to meet a variety of financing needs.
√ Availability – Available coast-to-coast-to-coast with no set maximum loan amount.
√ Peace of Mind – Insurance is in place for the full amortization period of the loan including all term renewals
Open the Door to a Range of Financing Options for Investors CMHC’s mortgage loan insurance for 1-4 unit rental (non-owner occupied) properties provides investors with more housing finance choice when purchasing or refinancing a rental property.
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2007, Canada Mortgage and Housing Corporation.
OPI
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656
30 0
9/21
/07
CMHC 1-4 unit rental properties
CMHC 1-4 unit rental properties
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Loan Purpose Purchase and Refinance (including Purchase and Refinance with Improvements) Single and Progress Advances Portability (previous rental MLI applications approved through emili only)
Number of Units 1- 4 units (no commercial component) Loan to Value (LTV) Ratio
Purchase - Up to 100% for 1–2 units/90% for 3–4 units Refinance - Up to 95% for 1–2 units/90% for 3–4 units Line of Credit/Interest Only Mortgages - Up to 90% Standard variable rate loans - Up to 90%
Borrower Eligibility Permanent Residents including Newcomers to Canada, Self-Employed borrowers (provided that income is verified through a third party source), Corporate borrowers.
General Guideline for History of Managing Credit
Recommended minimum Beacon score or comparable guideline*: Purchase: 95.01-100% LTV: 680 90.01-95% (non-traditional sources): 650 Refinance: 90.01- 95% LTV: 650 Line of Credit/Interest Only : 650 Total Debt Service 42.01-44%: 680
Debt Service Guidelines Total Debt Service Ratio Calculation: PITH (all properties)+All Other Debt Obligations - 80% of Gross Rental Income* (all properties) <42%
Gross Annual Household Income
Flexibility provided for borrowers who have a strong history of managing credit. PITH = Annual Principal, Interest, Tax and Heat payment (where borrower required to pay heat costs). * Rental Income must be verified for all rental properties.
Loan Security 1st or 2nd Mortgage, Collateral Mortgage (subject to the requirements of CMHC Line of Credit Only/Interest Only Product)
Max. Amortization 40 yrs. Maximum amortization period 25 years under Line of Credit/Interest-only option. Interest Rate Types Fixed, standard variable, capped variable, and adjustable Energy-Efficiency Flexibilities for energy-efficient housing include a 10% premium refund and extended
amortization periods without surcharge * Individuals can access their scores and credit reports from the following credit reporting agencies: EQUIFAX: https://www.econsumer.equifax.ca/ca/main, EXPERIAN: http://www.experian.ca/, TRANSUNION: http://www.transunion.ca/
Applicable Premiums Surcharges
Loan to Value Ratio Premium on
Total Loan Amount
Premium on Increase to Loan
Amount for Portability and
Refinance
Up to and including 65% 1.25% 2.75%
Up to and including 75% 1.75% 3.00%
Up to and including 80% 2.50% 3.75%
Up to and including 85% 3.50% 5.00%
Up to and including 90% 4.75% 6.25%
Up to and including 95% Traditional Down Payment Non-traditional Down Payment
6.50% 6.75%
8.00% N/A
95.01% to 100% (Purchase) 7.25% N/A
Extended Amortization Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period
Blended Amortization for Portability and Refinance 0.50%
CMHC Line of Credit/Interest Only Mortgages Repayment Option: 5 years (5/20) 0.25% 10 years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35% (Product specific terms and conditions apply, see OPIMS 65612)
For purchase transactions the premium payable is the Premium on Total Loan Amount. For refinance and portability, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. A premium credit may be available under certain conditions for Portability. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount.
Features:
Access to all CMHC homeowner mortgage loan insurance products Available for 1-4 unit homeowner properties located anywhere in Canada An individual can be a borrower/co-borrower on a maximum of two CMHC
insured homeowner properties No additional underwriting requirements or premium surcharges for a second
home - standard product specific premiums apply Flexible financing options – single advance, progress advances, line of credit
and extended amortization periods are available Flexibilities available for energy-efficient homes
Benefits of CMHC Second Home: √ More Financing Choice – Borrowers can purchase or refinance a
mortgage loan covering a second home with their lender, using any of CMHC’s mortgage loan insurance products for 1-4 unit residential properties.
√ Competitive Interest Rates – Access to CMHC insured financing, and as a result, competitive interest rates.
√ Availability – Available coast-to-coast-to-coast with no set maximum loan amount.
Providing More Financing Choices for Second Homes Changing lifestyles affect decisions Canadians make on how and where they live. Whether it’s family circumstances, work demands, or lifestyle choices, CMHC Mortgage Loan Insurance enables Approved Lenders to offer borrowers more financing choices when purchasing or refinancing a second home.
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2008, Canada Mortgage and Housing Corporation.
OPI
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656
34 0
4/18
/08
CMHC Second Homes
CMHC Second Homes
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Loan Purpose Purchase (CMHC Standard Purchase, CMHC Flex 100, CMHC Flex Down, and CMHC Purchase with Improvements) Portability Refinance Single and Progress Advances Line of Credit/Interest Only Mortgages
Occupancy At initiation, the property that secures a CMHC-insured mortgage loan must be intended for occupancy at some point during the year by a borrower; or a relative of the borrower on a rent-free basis.
Maximum Amortization 40 years. Maximum 25 years for Line of Credit/Interest Only Mortgages. Maximum Number of CMHC Insured Mortgages for Owner-Properties
An individual can be a borrower/co-borrower on a maximum of two CMHC insured mortgages secured by an owner occupied property.
Borrower Eligibility Permanent Residents including Newcomers to Canada, Self-Employed Borrowers and Commissioned (100% if income is commissioned).
General Property Requirements
The property can be located anywhere in Canada and must be suitable for, and available for, year-round occupancy. Properties that are constructed for seasonal use, or have seasonal access, are not eligible. Properties located on an island must have year-round bridge or ferry access. Time-share interests, life leases and properties in rental pools are not eligible.
Energy-Efficient Housing Flexibilities for energy-efficient housing include a 10% premium refund and extended amortization periods without surcharge.
Applicable Premiums (Owner-occupied properties) Surcharges
Loan to Value (LTV) Ratio Premium on
Total Loan Amount
Premium on Increase to Loan
Amount for Portability and
Refinance Up to and including 65% 0.50% 0.50%
Up to and including 75% 0.65% 2.25%
Up to and including 80% 1.00% 2.75%
Up to and including 85% 1.75% 3.50%
Up to and including 90% 2.00% 4.25% Up to and including 95% Traditional Down Payment** Non-traditional Down Payment***
2.75% 2.90%
4.25%* 4.25%*
Up to and including 97% Traditional Down Payment** Non-Traditional Down Payment***
2.90% 3.00%
4.80%* 4.80%*
Up to and including 100% 3.10% 4.80%*
Extended Amortization Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period
Blended Amortization for Portability and Refinance 0.50%
CMHC Line of Credit/Interest Only Mortgages Repayment Option: 5 years (5/20) 0.25% 10 years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35% (Product specific terms and conditions apply, see OPIMS 65612)
For purchase transactions the premium payable is the Premium on Total Loan Amount. For portability and refinance, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. For portability, a premium credit may be available under certain conditions. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount.
* For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV.
**Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (< 50% of minimum required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency).
*** Non-traditional sources of down payment include: Any source that is arm’s length to and not tied to the purchase or sale of the property such as borrowed funds, gifts, 100% sweat equity and lender cash back incentives.
Features:
Available for Purchase or Purchase with Improvements. Also available for Refinance transactions where energy-efficient improvements are being made.
1-4 unit residential properties 10% mortgage loan insurance premium refund available Extended amortization periods, up to 40 years, available without a surcharge Borrowers Debt Servicing Ratios can be calculated using the estimated
reduced heating costs Flexible financing options – Single advance, progress advance
Benefits of CMHC’s Energy-Efficient Homes Options √ More Affordable Financing Options – A 10% refund of the CMHC
Mortgage Loan Insurance Premium and extended amortization, up to 40 years, without a surcharge are available.
√ Competitive Interest Rates – Access to CMHC insured financing, and as a result, competitive interest rates.
√ Availability – Available coast-to-coast-to-coast with no set maximum loan amount.
Helping to Make Energy-Efficient Housing Choices More Affordable CMHC’s Mortgage Loan Insurance enables Approved Lenders to offer borrowers more affordable financing choices when purchasing an energy-efficient home or making energy-efficient improvements.
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2008, Canada Mortgage and Housing Corporation.
OPI
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656
26 0
4/21
/08
CMHC Energy-Efficient Homes
CMHC Energy-efficient homes
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
CMHC Energy-efficient homes
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Loan Purpose Purchase (CMHC Standard Purchase, CMHC Flex 100, CMHC Flex Down, CMHC Purchase with Improvements)
Portability Refinance (Where improvements are being made to make the home more energy-
efficient) Single and Progress Advances Line of Credit/Interest Only Mortgages
Energy-Efficiency Benefits A 10% premium refund provided to borrowers Amortization periods of up to 40 years without a premium surcharge (Full repayment
required within 25 years of loan initiation for Line of Credit) Energy Efficient Requirements For the purchase of an Energy-Efficient Home
All new and existing eligible properties must: Be R-2000 compliant; or Be certified under a CMHC eligible energy-efficient new home building program (Note:
see CMHC’s website at www.cmhc.ca for an up-to-date listing); or Rate 77 or higher on a NRCan energy assessment
For high-rise owner-occupied condominium units, the entire building must be at least 25% more energy efficient than Canada's Model National Energy Code for Buildings. For Improvements to Make a Home More Energy Efficient
NRCan energy assessment evaluation required both before and after energy-saving retrofits/renovations;
Property improvements must increase the home’s NRCan energy assessment rating by at least 5 points; and once improvements are completed, the property must achieve a minimum NRCan energy assessment rating of 40.
Qualifying the Borrower GDS and TDS can be calculated using the estimated, reduced heating costs indicated on the NRCan energy assessment evaluation
Applicable Premiums Surcharges
Loan to Value (LTV) Ratio Premium on
Total Loan Amount
Premium on Increase to Loan
Amount for Portability and
Refinance Up to and including 65% 0.50% 0.50%
Up to and including 75% 0.65% 2.25%
Up to and including 80% 1.00% 2.75%
Up to and including 85% 1.75% 3.50%
Up to and including 90% 2.00% 4.25% Up to and including 95% Traditional Down Payment** Non-traditional Down Payment***
2.75% 2.90%
4.25%* 4.25%*
Up to and including 97% Traditional Down Payment** Non-Traditional Down Payment***
2.90% 3.00%
4.80%* 4.80%*
Up to and including 100% 3.10% 4.80%*
Blended Amortization for Portability and Refinance 0.50%
CMHC Line of Credit/Interest Only Mortgages Repayment Option: 5 years (5/20) 0.25% 10 years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35% (Product specific terms and conditions apply, see OPIMS 65612)
For purchase transactions the premium payable is the Premium on Total Loan Amount. For portability and Refinance, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. A premium credit may be available under certain conditions. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount.
* For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV.
**Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (< 50% of minimum required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency).
*** Non-traditional sources of down payment include: Any source that is arm’s length to and not tied to the purchase or sale of the property such as borrowed funds, gifts and 100% sweat equity and lender cash back incentives.
Features:
Access to all CMHC purchase and refinance products for 1-4 unit residential properties (subject to product specific eligibility requirements), excluding CMHC Self-Employed Simplified
No minimum period of residency required No additional fees or premiums as a result of residency status - standard
product specific premiums apply Where there is limited Canadian credit history and where foreign credit
bureaus are not available, CMHC continues to consider alternative sources of payment history
Newcomers to Canada Benefit: √ Access to Homeownership – CMHC continues to be flexible when
considering applications that do not meet traditional underwriting requirements.
√ Competitive Interest Rates – Access to CMHC insured financing, and as a result, competitive interest rates.
√ Availability – Available coast-to-coast-to-coast with no set maximum loan amount.
Helping Newcomers to Canada Access Homeownership Newcomers to Canada with permanent residence status have access, through Approved Lenders, to all CMHC Mortgage Loan Insurance products.
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2008, Canada Mortgage and Housing Corporation.
OPI
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656
28 0
4/18
/08
CMHC Newcomers to CanadaWith Permanent Resident Status
CMHC Newcomers to Canada with permanent resident status
For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Available Products All CMHC purchase and refinance products (subject to product specific eligibility requirements), excluding CMHC Self-Employed Simplified
Eligible Loan Purposes Purchase, Portability, Refinance, Single and Progress Advances, Line of Credit/Interest Only Mortgages
Alternative Sources of Credit History
Examples of acceptable alternative sources of credit history include: Confirmation of payment of rent or room and board, plus one additional obligation or documented regular savings, for the preceding 12 months. If confirmation of rent payments is not available, payment over the preceding 12 month period of any three regular periodic obligations including but not limited to:
Utilities Cable Childcare expenses Insurance premiums Documented regular savings
Acceptable Credit History
Payments should be regular and direct (i.e. not payroll-deducted). Rent payments should be timely (i.e. no thirty-day late payments). No more than one thirty-day late payment on non-rent obligations. Applications that fall outside the late payment guidelines above will be considered on a case-by-case basis.
Other Considerations CMHC will also consider factors that indicate the borrower’s ability to repay debt, including but not limited to: the borrower’s history of dealing with a financial institution; net worth; and unencumbered liquid asset or investments
Applicable Premiums (Owner-occupied properties) Surcharges
Loan to Value (LTV) Ratio Premium on
Total Loan Amount
Premium on Increase to Loan
Amount for Portability and
Refinance
Up to and including 65% 0.50% 0.50%
Up to and including 75% 0.65% 2.25%
Up to and including 80% 1.00% 2.75%
Up to and including 85% 1.75% 3.50%
Up to and including 90% 2.00% 4.25%
Up to and including 95% Traditional Down Payment** Non-traditional Down Payment***
2.75% 2.90%
4.25%* 4.25%*
Up to and including 97% Traditional Down Payment** Non-Traditional Down Payment***
2.90% 3.00%
4.80%* 4.80%*
Up to and including 100% 3.10% 4.80%*
Extended Amortization Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period
Blended Amortization for Portability and Refinance 0.50%
CMHC Line of Credit/Interest Only Mortgages Repayment Option: 5 years (5/20) 0.25% 10 years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35% (Product specific terms and conditions apply, see OPIMS 65612)
For purchase transactions the premium payable is the Premium on Total Loan Amount. For portability and refinance, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. For portability, a premium credit may be available under certain conditions. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount.
* For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV.
**Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (< 50% of minimum required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency).
*** Non-traditional sources of down payment include: Any source that is arm’s length to and not tied to the purchase or sale of the property such as borrowed funds, gifts, 100% sweat equity and lender cash back incentives.
Features:
Available for Purchase transactions 1 unit owner-occupied residential properties Loan-to-Value ratios of up to 90% Single advance and amortizing loans only Available to foreign workers with a valid Canadian Employment Authorization
Form (Work Permit – Form # 1442) No additional fees or premiums as a result of residency status – standard product
specific premiums apply
Benefits of CMHC’s Non-Permanent Resident Policies: √ Accessibility – Non-permanent residents can purchase a home with as
little as a 10% down payment from traditional sources. √ Competitive Interest Rates – Access to CMHC insured financing, and
as a result, competitive interest rates. √ Availability – Available coast-to-coast-to-coast with no set maximum loan
amount.
Facilitating Access to Homeownership for Non-Permanent Residents People coming to Canada to work need housing. That’s why CMHC Mortgage Loan Insurance is available for Non-Permanent Residents to purchase a home with as little as a 10% down payment.
The terms and conditions herein are in addition to and subject to CMHC's mortgage insurance standard terms and conditions and underwriting policies, unless specifically specified otherwise. The terms and conditions may change at any time. © 2007, Canada Mortgage and Housing Corporation.
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For more information on CMHC products contact your Business Development Officer or call 1 888 GO emili (463-6454)
CMHC – Everything You Need to Open New Doors When your goal is to comprehensively serve existing clients and find new ones, it’s reassuring to know that you’re backed by the wealth of Canada Mortgage and Housing Corporation (CMHC) information, insight, and industry-leading tools. Only CMHC delivers this complete support – support you need to confidently grow your business. After all, your clients aren’t the only people who are looking towards the future.
Loan Purpose Purchase / Portability
Single Advance Amortizing Loans (Line of Credit/Interest Only Mortgages not available)
Loan-to-Value (LTV) Ratio
Up to 90%
Maximum House Price No Maximum Down Payment Requirement
Traditional Sources*
Number of Units/Occupancy
1 unit, owner-occupied
Maximum Amortization 40 years Borrower Eligibility Foreign workers with a valid Canadian Employment Authorization Form (Work Permit)
Individuals with diplomatic immunity are not eligible for CMHC Mortgage Loan Insurance.
Borrowers without third party validation of income are not eligible. General Guidelines for History of Managing Credit
Recommended minimum Beacon score or comparable guideline**: Not applicable
Debt Service Guidelines
Recommended minimum Beacon score or comparable guideline**: GDS/TDS: < 680: 35% / 42% 680+: n/a / 44%
Loan Security First Mortgage Only Interest Rate Types Fixed, capped and standard variable, and adjustable Energy-Efficient Housing Flexibilities for energy-efficient housing include a 10% premium refund and extended
amortization periods without surcharge. * Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (< 50% of minimum required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency). ** Individuals can access their scores and credit reports from the following credit reporting agencies: EQUIFAX: https://www.econsumer.equifax.ca/ca/main, EXPERIAN: http://www.experian.ca/, TRANSUNION: http://www.transunion.ca/
Applicable Premiums (Owner-occupied properties) Surcharges
Loan to Value Ratio
Premium on Total Loan
Amount
Premium on Increase to Loan
Amount for Portability
Up to and including 65% 0.50% 0.50%
Up to and including 75% 0.65% 2.25%
Up to and including 80% 1.00% 2.75%
Up to and including 85% 1.75% 3.50%
Up to and including 90% 2.00% 4.25%
Extended Amortization Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period
Blended Amortization for Portability 0.50%
For purchase transactions the premium payable is the Premium on Total Loan Amount. For portability, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. A premium credit may be available under certain conditions. Premiums in Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount.