- Joined
- Oct 17, 2007
- Messages
- 295
QUOTE (DavidLi @ Apr 27 2010, 10:21 AM) Hi Mark, thank you for your further clarification. I phoned CMHC this morning and staff in charge told me we can go beyond the market rent as long as you put the number in the contract. in this case we are talking about, the credit can go beyond $400. that`s what I got in Calgary. maybe there is different rule in ON. just phone CMHC and you will get the answer right away.
Regards,
Hello David
So are you stating based on your conversation with CMHC that I could lease a property for $3,000 per month (market rent $2,500) and give back $2,000 per month in credits as long as it was witten in the contract? My understanding with various lenders is that CMHC would definitely not recognize the full credits.
I understand my example is an extreme case but I am stating it for conceptual purposes.
Mortgage brokers feel free to chime in here....
Regards,
Hello David
So are you stating based on your conversation with CMHC that I could lease a property for $3,000 per month (market rent $2,500) and give back $2,000 per month in credits as long as it was witten in the contract? My understanding with various lenders is that CMHC would definitely not recognize the full credits.
I understand my example is an extreme case but I am stating it for conceptual purposes.
Mortgage brokers feel free to chime in here....