lending policy changes
Jim Flaherty,Finance
Minister
of Canada,has introduced lending policy
changes which will take effect April 19th, 2010.
1. All borrowers will now be qualified for financing using a
5yr fixed
rate.
2. Maximum refinance percentage decreased from 95% to 90% of
the value of
the property.
3. Minimum down payment of 20% for non-owner occupied
purchases. This is an
increase from the previous minimum of 15%.