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CMHC Mortgages
Find an affordable mortgage, your way.
Impact Commercial is sponsored as a CMHC Correspondent Lender, giving us a big-leg up over many of our competitors.
This allows Impact brokers to go directly to CMHC for an insurance certificate (COI), which can then be presented to a variety of CMHC lenders for competitive bids. What is the advantage to our multifamily investment and development clients? As opposed to choosing a lender to run the entire application start to finish, and then be subject to that lender’s pricing on a given day, we can take our COI around the various lenders to locate the best pricing. We can also obtain CMHC financing on projects that would typically fall below lenders’ loan amount thresholds, since with our COI in hand, they need only submit a short-form application for Credit approval, creating a fraction of the work for our lenders.
What is CMHC financing?
Canada Mortgage and Housing Corporation financing (CMHC), supports the Canadian housing market by offering mortgage loan insurance, especially for those with less than a 20% down payment. This insurance safeguards lenders and facilitates mortgage access for buyers. CMHC also extends financing for multi-unit properties, aids affordable housing initiatives, and encourages rental property development. Additionally, CMHC conducts housing market research and data dissemination. This assistance fosters homeownership accessibility, market stability, and favorable mortgage terms in Canada, distinguishing it from mortgage programs elsewhere.
How do I qualify?
Key factors determining eligibility include the minimum down payment requirement, typically applicable to homebuyers with less than a 20% down payment. A good credit history is crucial, with lenders assessing creditworthiness, along with your ability to manage mortgage payments through debt servicing ratios and stable income. The property type, maximum loan amount, adherence to legal requirements, and the intended use of the property also influence eligibility. CMHC insurance primarily caters to owner-occupied properties, and alternative rules apply if you plan to rent out the property.
Have any questions? Give us a call.
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