Canada Guaranty Mortgage Insurance Benefits

Archive for May, 2014

New Treatment of Rental Income | Effective June 9, 2014


On Monday, June 9, 2014, changes to the treatment of rental income from non-owner-occupied subject rental properties and owner-occupied subject properties with income suites, will take effect. As a result of this change, the 80% Rental Offset option will no longer be available.

To learn more about these changes, please take a moment to review the attached Lender Update:


QUESTIONS
Should you have additional questions, please do not hesitate contact your dedicated Account Executive or speak with a member of our National Underwriting Team at 1.877.244.8422.


UPDATE: Self-employed and Second Home Products Continue to be Supported


We would like to take this opportunity to confirm our continued support of the Low Doc Advantage™ (business-for-self) and Lifestyle Advantage™ (second home) products for qualified applicants with a strong credit profile.  Please note the important update affecting the Lifestyle Advantage product.

Low Doc Advantage | No Change

  • Self-employed borrowers, with a strong credit profile, continue to qualify using non-traditional income verification provided the income is consistent with the borrower’s profession and industry.

Updated Lifestyle Advantage Property Eligibility | Effective May 30, 2014

  • Effective Friday, May 30, 2014, only properties with a maximum of one unit will be eligible under the Lifestyle Advantage product. Previously, two-unit properties were allowed.
  • The property must be owner-occupied or occupied by a member of the owner’s immediate family as defined as a person related to the borrower by marriage, common-law partnership or any legal parent-child relationship.

Should you have any questions, please do not hesitate contact your dedicated Account Executive or speak with a member of our National Underwriting Team at 1.877.244.8422. 

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