Mortgage News Update

We have just been advised that effective today, Government regulators have cancelled the "flex" down payment programs.   Clients must have minimum 5% downpayment from their own resources or savings.  Gifted down payments must be supported by a Gift Letter indicating no repayment necessary.   Credit Line funds can not be used for downpayments, as they are classed as borrowed funds.


This is too bad, as it was becoming a viable product for clients with the income but no savings to get into the market - this is no doubt a tightening of the market through methods other than Interest Rate increases.    

Ian Hodson
Telephone: (250) 756-1132
Toll Free: 1-800-377-4374
Fax: (250) 756-1210
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