Listed below is a summary of fees, premiums, terms and conditions applicable to CMHC's home ownership services. For further assistance, please visit our contact page.

CMHC:
Canada Mortgage and Housing Corporation

Applying for a mortgage requires:

Real Estate listing or recent photo of the property Photocopy of signed agreement of purchase and sale Application Form Credit report (we do the credit check and submit it)

Maximum Mortgage Loan

95% of lending value 92.5% of lending value for duplexes 85% for rental properties up to 6 units

Gross Debt Service (GDS) Ratio:
A maximum of 32% of the borrowers gross household income for the principal + interest + property taxes + heat + mortgage insurance premium.

Total Debt Service (TDS) Ratio:
A maximum of 40% of gross household income towards payments including the GDS requirements stated above plus payments on all other debts.

Calculating your maximum monthly payment
GDS Ratio - [ Gross Household Income x 32% - Taxes - Heating ] divided by 12 = Monthly Payment allowed by CMHC including any insurance fee. (TDS Ratio is also a consideration).

Minimum Down Payment

5% of the lending value of the property (single family homes) Gifts from immediate relatives can be accepted as a source for the down payment (These gifts must be documented by a letter confirming the money as a gift, not a loan) Other assets may be used as security for a loan for the down payment (This loan will be included in the TDS Ratio) 7.5% of the lending value for owner occupied duplexes 15% for rental properties of 1 to 4 units (not owner occupied) and up to 6 units whether or not the owner occupies a unit

Rental Income:
Up to 50% of the confirmed gross income may be added to a borrowers income or 50% of the net income. Some conditions may apply.

Underwriting Fee:

Full service - $235.00 - CMHC completes necessary risk assessment of the loan for mortgage insurance purposes emili Service - $235.00 - Submission of an application to emili, CMHC's electronic loan risking system

NOTE: Homeowner underwriting fee is payable to CMHC (subject to change).