1. All borrowers must meet the standard for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term; 2. The maximum loan to value will be reduced to 90% from the current 95% on refinances of existing owner occupied homes; 3. Non-owner occupied properties will require a minimum down payment of 20%.

There were no changes announced to the down payment requirement or length of amortizations for owner-occupied residences.  We expect full implementation of the changes by April 19^th, 2010 and will also communicate the transitional rules once they are finalized.