Found 2 blog entries tagged as TDSR.

Genworth Canada Confirms It Will NOT Change Underwriting Policy to Match CMHC

 

June 8, 2020

 

TORONTO, June 8, 2020 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) confirms that it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit score and down payment requirements. One of the Company's competitors announced changes to their internal underwriting guidelines with respect to the aforementioned underwriting criteria on June 4, 2020. 

"Genworth Canada believes that its risk management framework, its dynamic underwriting policies and processes and its ongoing monitoring of conditions and market developments allow it to prudently adjudicate and manage its mortgage insurance…

180 Views, 0 Comments

Read Full Post

Here is the latest CMHC announcement - Effective July 1, 2020 

The following underwriting changes will be taking place for CMHC insured mortgage:
  1. Debt to income ratio will now be 35% GDSR & 42% TDSR instead of 39% GDSR & 44% TDSR
  2. Minimum credit score of 680 for at least one borrower
  3. Elimination of borrowed down payment program.

If you have been thinking about purchasing a property, this will affect how much you will qualify for a home. 

https://www.cmhc-schl.gc.ca/en/media-newsroom/news-releases/2020/cmhc-reviews-underwriting-criteria?utm_source=twitter&utm_medium=cmhc_ca_organic&utm_campaign=cor-org&utm_term=b7a40b24-7069-4e72-821e-2d8bf03a5279&fbclid=IwAR2VovO2kEQanaeHUoxpFyGsewQ4UwCMXa36PU1GsWzhJJX7ghl03aJrEsw

…

212 Views, 0 Comments

Read Full Post