Minimum Credit Score for an Insured Mortgage—What You Need to Know.

The minimum credit score for an insured mortgage in Canada is 600, as required by CMHC and other insurers.

Key points:

• At least one applicant must have a score of 600 or higher.

• This is down from the 680 requirement briefly in place from July 2020 to July 2021.

• Insured mortgages apply when the down payment is less than 20%.

• Higher credit scores may lead to better rates and terms.

• Lenders also consider debt ratios and down payment sources.

• Some lenders may set higher score requirements than the CMHC minimum.