Posted on Feb 22, 2011
This is great information for those buyers looking for property with rental suite income. It is provided by Karen Gibbard.
There are two different sets of rules on the use of basement suite income for qualification:
a) High-ratio (less than 20% down payment) through CMHC or Genworth
b) Conventional (more than 20% down payment) – no CMHC or Genworth in...