August 26, 2015
New CMHC rules make it easier for homebuyers to include rental income in mortgage application
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CMHC is now allowing buyers purchasing homes with secondary suites to count up to 100% of rental revenue in order to qualify for a mortgage. It was previously 50%.
Some rules that apply:
- The income must have been sustained over at least two years.
- The income amount must not exceed the average of the past two years, to address income fluctuations, smooth out cyclical trends and unexpected events such as vacancies.
- Up to 100 per cent of gross rental income may be used only where prospective borrowers can demonstrate a strong history of managing credit generally considered to be a minimum credit score of 680.
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