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On July 9 2008 CMHC announced they would no longer be insuring mortgages greater than 95 LTV and would no longer offer the 40 year amotization starting October 15 2008.

Most of the major banks and credit unions adopted this policy pretty quickly and are not accpeting pre-approvals or applications under this program.

However, we do still have a couple of lender who have not flipped that switch yet and will allow for live applications under the 100 percent financing and/or the 40 yr amortization, as long as the deal is in by Oct 13, 2008.

Who fits the 100 percent financing profile?
Good credit - minimum credit score of 680 required
Good income and job stability
Sutitable property (no leaky condos)
Must be 1st mortgage

The insurer still requires the applicant to provide proof that they have closing costs of 1.5% of the purchase price.

If you have less than 20 percent of the purchase price to put down, you will be required to purchase mortgage insurance through youor lender via a mortgage insurance provider such as CMHC, Genworth Canada or AIG. The mortgage insurance premium is financed into your mortgage and protects your lender if default on your mortgage payments.

Here are some other options to making Home Ownership a reality

- 5% downpayment
- Flex Down (borrowing your downpayment)
- Up to 5% Cash Back (lender charges a higher rate of interest)
- Purchase plus Improvements
- 30 and 35 year extended amortizations
- Self Employed program ( stated income - 2yr min self employed with good credit)