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Where can mortgage loan insur- ance be obtained? See your lender, who can obtain mortgage loan insurance from CMHC or a private insur- er. Housing payments, principal, interest, including property taxes, heating (P.I.T.H.), the annual site lease in the case of leasehold tenure and 50% of applica- ble condominium fees, can’t be more than 32% of your gross household income (GDS ratio). Right now, over 3 million Canadians own homes with insured mortgages. CMHC will insure mortgages of up to 95% of the home’s purchase price or the market value of the property, which- ever is less. (Restrictions may apply. Contact your local lender.) Your total debt load can’t be more than 40% of your gross household income (TDS ratio) . Other critera apply and are sub- ject to change. For details, please Both new and resale homes are eligible. Here are some of the criteria that must be met: Canada The home be in must

Ruth and Sidney lived in a rented Revelstoke home for seven years.

When the landlord decided to sell the home, he offered the couple the first opportunity to buy it.

While his price was fair, Ruth and Sidney

and must be your principal resi- dence.

contact CMHC or your local lender.

Ready for the next step?

Home, Affordable Home

L e t s f a c e i t , t h e s w e e t e s t h o m e i s one you can comfortably afford.

Whether you’re buying, renovating or simply renewing a mortgage, making the most of your money is a challenge. Wouldn’t it be nice to have a personal financial guide at your side to help analyze your home-financing options? Well, now you can—with AffordAbility®, a new software program from CMHC, Canada’s housing expert.

didn’t have a 25% down payment saved, so they couldn’t qualify for a conventional mortgage.

While looking for other options, they found they could be eligible for mortgage loan insurance that would allow them to buy with as little as 5% down.

AffordAbility lets you examine as many home- financing scenarios as you can imagine, in private and at your own pace. Just plug in your personal financial information, change as many variables as often as you like and AffordAbility figures out the impact instantly. It’s so easy…

For a demonstration of this Windows™-based program, visit CMHC’s web site at www.cmhc- schl.gc.ca/afford

Call 1 800 668-2642 to order AffordAbility directly for $29.95

(+ taxes, shipping and handling) Also available at leading software retailers across Canada.

STEP 6 • MORTGAGE LOAN INSURANCE

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