Last week, CMHC announced that it will be taking away 2 of their programs effective May 30, 2014. They are the Second Home program and the Self-Employed without traditional income verification programs. Here are the key components of the change: · You will now only be allowed to have one CMHC insured mortgage at a time · If you are self-employed, you will now need to provide the standard documentation to support your declared income Some scenarios of people it will affect the most are: · If you have a current CMHC insured mortgage and you wish to purchase another home and keep your current property as a rental · If parents wish to co-sign for a child however they already have a CMHC insured mortgage on their home · If parents wish to purchase a home for their child to live in (rent free), however they already have a CMHC insured mortgage · If parents have co-signed for a child and they wish to sell and purcha