DLC Mountain View Changes to Mortgage Update October 17, 2016

CMHC have changed the dates with respect to new rules; we expect the same message from Genworth and Canada Guarantee later today;

- Any deal where the legal binding offer was signed by all parties prior to 10/17/16 the old rules apply• Regardless of application date• Regardless of closing date

- Deals where the offer is on or after October 17ththe new rules apply

March 01/17 Closing is no longer a factor.

We must ensure we are in receipt of the executed agreement before processing the application.

**What does this mean?

- This means that any pre-sale contract or any accepted purchase agreement signed by all parties prior to the 17th will be honored and the old qualifying rules will apply. 

So clients will still have a few more days if they need to shop.

Please still make subject to financing as the lender still has to approve the deal but the clients do not have to qualify under the 4.64% with less than 20% down payment.