A 12 month housing payment history is required for new registrations on or after August 27, 2019.
Housing payment history
Effective with new registrations on or after August 27, 2019, a 12 month housing payment history is required. If the borrower has less than 12 months' or no housing payment history (mortgage or rental), the loan is ineligible.
If there is no housing payment history in the most recent 12 months, but a prior acceptable mortgage history is verified on the credit report, it can be used to meet the housing payment history requirement.
If the borrower owns the property free and clear, and the mortgage was paid off or the property was purchased for cash:
- Less than 12 months ago, a partial mortgage payment history showing no late payments must be provided.
- More than 12 months ago, no mortgage payment history is required. The tax and insurance payments on the property will constitute an acceptable housing payment history if there is no evidence of delinquency.
Please reference the product profiles for full details.