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CMHC’s new Business for Self (BFS) rules will come into effect on April 9 (prior to the big April 19 rule changes).
If you want to use the older, more liberal BFS rules, you’ll need to have a firm lender approval or (if a purchase) a fully executed purchase agreement by April 8.
This deadline is especially relevant if you’re mortgage shopping and are:
- Paid 100% on commission
- Self-employed and in need of 95% loan-to-value on a purchase
- Self-employed for over three years
These rule changes apply to stated-income mortgages only. If you are self-employed and fully proving your income then you can ignore this post.
Speak to a mortgage professional for complete details.
