Eligible Mortgage Loan Regulations

Marginal note:Low ratio loans — before October 15, 2008

• 8 (1) The criterion set out in paragraph 6(1)(a) does not apply to a low ratio loan in respect of which the mortgage insurer received a mortgage or hypothecary insurance application before October 15, 2008 if it meets the requirements of a mortgage or hypothecary loan insurance product that was offered by the mortgage insurer before that date.

• Marginal note:Low ratio loans — October 15, 2008 to April 17, 2011

  (2) The criterion set out in paragraph 6(1)(a) does not apply to a low ratio loan in respect of which the mortgage insurer received a mortgage or hypothecary insurance application during the period beginning on October 15, 2008 and ending on April 17, 2011.

• Marginal note:Low ratio loans — before July 1, 2016

  (3) The criterion set out in paragraph 6(1)(d) does not apply to a low ratio loan if the mortgage insurer received a mortgage or hypothecary insurance application in respect of the loan — or in respect of the portfolio of loans to which the loan will belong for insurance purposes — before July 1, 2016, unless the application has been denied or the loan has ceased to be insured under insurance resulting from the application.

• Marginal note:Low ratio loans — March 24, 2020 to December 31, 2020

  (4) The criteria set out in paragraphs 6(1)(e) to (g) do not apply to a low ratio loan if

  • (a) the loan was funded before March 20, 2020;

  • (b) the purpose of the loan

    • (i) includes the purchase of the eligible residential property against which it is secured,

    • (ii) is the discharge of the outstanding balance of a prior low ratio loan, or

    • (iii) is the refinancing of a loan that is secured by an eligible residential property;

  • (c) the amortization schedule is not to exceed 30 years from the day on which the loan was funded; and

  • (d) the mortgage insurer received a mortgage or hypothecary insurance application in respect of the loan – or in respect of the portfolio of loans to which the loan will belong for insurance purposes – during the period beginning on March 24, 2020 and ending on December 31, 2020.