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Blog by Irene Wong & Mike Mulligan

Feds Change Borrowing Requirements for Government-backed Mortgages

February 16th, 2010

Federal Finance Minister Jim Flaherty announced this morning that homebuyers looking to qualify for a government-backed mortgage after April 19, 2010 will need to meet three new requirements. The changes revealed this morning include:

• Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term ...