It is also providing a broader range of documentation options to increase flexibility for satisfying income and employment requirements.The changes, which apply to both transactional and portfolio insurance, will take effect Oct. 1.CMHC chief commercial officer Romy Bowers said self-employed Canadians represent a significant part of the workforce.“These policy changes respond to that reality by making it easier for self-employed borrowers to obtain CMHC mortgage loan insurance and benefit from competitive interest rates,” Bowers said in as statement. Ernest Doroszuk/Toronto Sun/Postmedia Network files OTTAWA — Canada Mortgage and Housing Corp. is making changes intended to make it easier for the self-employed to qualify for a mortgage.The national housing agency says it’s giving lenders more guidance and flexibility to help self-employed borrowers.Self-employed Canadians may have a harder time qualifying for a mortgage as their incomes may vary or be less predictable.Location, location, location: Why our national housing market is a mythCanada’s housing watchdog pushes for better income checks to catch mortgage fraud‘Market has bottomed out’: Housing prices in Toronto region set to climb again after brief slumpCMHC is providing examples of factors that can be used to support the lender’s decision to lend to borrowers who have been operating their business for less than 24 months, or in the same line of work for less than 24 months.Self-employed Canadians may have a harder time qualifying for a mortgage as their incomes may vary or be less predictable.
AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by Erika Niedowski, The Associated Press Posted Apr 7, 2014 9:48 am MDT Lawyers: Vote falls short on deal in Rhode Island’s landmark pension reform; mediation ordered PROVIDENCE, R.I. – A proposed settlement that would end the legal fight over Rhode Island’s 2011 landmark pension overhaul, which has been a model for other states looking to rein in runaway pension costs, was rejected by one of the groups voting on it, officials announced Monday. The parties were ordered back into mediation.Police union members, the smallest of the six groups that had to approve the proposal, rejected it, said Ray Sullivan, a spokesman for the plaintiffs. Sixty-one per cent of police union members voted against the settlement.Crafted during more than a year of closed-door, court-ordered talks, the proposal overwhelmingly won approval from all of the other groups, including teachers, retirees and firefighters.But according to the agreement, if more than half of any one of the groups rejected the proposal, the settlement process would end and the original lawsuits would proceed. A trial is scheduled for September.Because it was rejected by the smallest group — police union members made up less than 2 per cent of those eligible to vote in the first round — Superior Court Judge Sarah Taft-Carter “ordered both sides back into mediation to explore whether a settlement can still be reached,” according to a statement from the plaintiffs.Talks resumed Monday, and the parties were due to report back to the court in one week.Even if the parties reach an agreement that is acceptable to the police unions, the proposed settlement still would have to clear a second vote by a much wider pool of people covered under it. The General Assembly would also have to sign off on it.The proposal, announced in February, was an attempt to resolve lawsuits filed by public-sector unions and retirees over the state’s 2011 pension overhaul. The deal offers retirees a modest pension increase of $500 with the promise of additional increases sooner than the current law calls for. But most of the other sweeping changes approved by lawmakers are preserved.The overhaul was designed to save Rhode Island $4 billion over the next 20 years.The outcome marks a defeat for Gov. Lincoln Chafee and Treasurer Gina Raimondo, who argued it was a good deal for all parties and preferable to continued costly litigation.Spokeswomen for Chafee and Raimondo said in a joint statement that the governor and treasurer participated in good faith in the mediation that led to the settlement agreement and will continue to do so.Richard Licht, the director of administration, had no immediate comment Monday after the parties had an in-chambers conference with the judge in Kent Superior Court in Warwick.According to the plaintiffs, there were 417 police union members eligible to vote in the first round; 254 ballots were received, and 61 per cent voted to reject.The vote to reject was 34 per cent for state workers; 31 per cent for teachers; 27 per cent for firefighters; 26 per cent for retirees; and 15 per cent for municipal workers.The total number of ballots mailed out was 23,624. Those that were not returned were counted as votes in favour of the proposed settlement.A group of 50 retired state workers and teachers covered under the proposed deal filed a new suit last week challenging the pension law and objecting to their inclusion in any class-action settlement. They want to proceed with their own legal challenges.