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October 13th is D Day for 100% Financing and 40 year Amortizations

0n July 9, 2008, CMHC announces they would no longer be insuring mortgages greater than 95% LTV and would no longer offer the 40 year amortiations starting October 15, 2008.
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> Already the major banks and credit unions have adopted this policy and are not accepting pre-approvals or applications under this program.
> However, we do still have a couple of lenders who have not flipped that switch yet and will allow for LIVE applications under the 100% financing and/or 40 yr amortizations, as long as the application is into them by October 13, 2008.
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> Who fits the 100% financing profile?
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> Good credit - minimum credit score 680
> Good income and job stability
> Suitable property - no issues with the property like being a leaky condo
> Must be a 1st mortgage
> You still need to provide proof that you have 1.5% of the purchase price for closing costs to cover laywer fees and other expensses
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> If you do not have the traditional 20% of the purchase price to put down, you will be required to purchase mortgage insurance through your lender via a mortgage loan insurance provider such as CMHC, Genworth or AIG. Mortgage insurance protects your lender if you default on your mortgage.
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> The good news is that there are other options to making Home Ownership a reality
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> - 5% Down
> - Felx Down (borrowing your 5% downpayment)
> - Up to 5% Cash Back (lender charges a higher rate of interest)
> - Purchase Plus Improvements
> - 30 and 35 Extended amortizations
> - Self Employed stated income (proof on business for min 2yrs and good credit required)
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