Eric de Roos, Policy Analyst, Financial Sector, Canadian Credit Union Association
CMHC recently implemented changes that make it easier for self-employed borrowers to qualify for insured mortgages. Announced earlier this year as part of the Government’s National Housing Strategy, these changes came into effect on October 1 and will broaden the factors that lenders can consider in qualifying self-employed borrowers for insured mortgages. It had a previously been more difficult for small-business owners and entrepreneurs to meet qualifications for personal income – forcing them to either save a higher down payment or use private lenders at a higher cost.
CCUA welcomes these changes. As a part of our advocacy, we will continue to push for more policies that provide greater flexibility for credit unions to make decisions that put their members first. Credit unions are continually rated as better than the banks in serving Canadian small businesses. These changes will allow credit unions to continue to provide best-in-class service to their members.
If you have any questions regarding these changes, please contact Eric de Roos.