• Genworth Rules: Genworth Will Not Follow CMHC’s Lead

    June 12, 2020
  • Genworth rulesGenworth Rules: Genworth Will Not Follow CMHC’s Lead

    Last week, CMHC announced a new policy as of July 1st, 2020 to reflect these changes:

    1. At least one borrower must score about 680 (previously 600)
    2. New Gross/Total Debt Ratios went from 39/44% of income to 35/42% of income (reflects 12% lower borrowing ability)
    3. You cannot borrow any longer for a down payment

    I was very surprised

    There was no doubt in my mind that the other 2 insurers, Genworth and Canada Guaranty would follow with the same policy. I was wrong. This is the first time in my memory that all the mortgage insurers did not all group with the same policy.

    Given that the stress test is in place to protect the borrower and the lender, the new CMHC policy makes it much harder especially during an economic slowdown and pandemic.

    Good for Genworth.

    Robert Floris Hamilton Mortgage Broker

    Robert Floris, Lead Mortgage Broker with over 30 years of mortgage expertise, currently at Mortgage Architects.

    Robert Floris has been in the mortgage industry for 30 years, including working as a Sales Manager for a major chartered bank. Over his career, he has personally lent over 1 billion dollars and proudly continues to advise and tutor his valuable clients.

    Robert Floris has been in the mortgage industry for 30 years, including working as a Sales Manager for a major chartered bank. Over his career, he has personally lent over 1 billion dollars and proudly continues to advise and tutor his valuable clients.

    Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

    If you would like to apply for a mortgage online, please follow this link.

    If you would like to see our Google reviews or leave one yourself, you can do so here.

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