We have some good news from CMHC and Genworth. They have revised some items regarding the rules taking effect on Monday:
- Pre-approvals may now be grandfathered in (on exception) with the previous rules as long as they are pre-approved by October 17th (please note that many banks have already cut off pre-approvals under the old rules)
- They will now allows deals under the old rules as long as there is a signed purchase contract before October 17th, regardless of when it is submitted to the lender or when it closes
- They have taken away the mandatory closing before March rule (which is great for new builds and pre-sales)
- Applications that were approved prior to October 17th can now be revised if need be as long as the applicants and property do not change
If you have clients looking to qualify under the new rules, please ensure they have a signed contract in place before Monday.
Contact your favorite Banker or Broker asap.