Reminder: BFS Rules Change on April 9

BFS-mortgage-deadline 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.

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