CMHC Insured Construction Mortgages
If the mortgage is CMHC insured and does not have a municipal water supply and sewer system, it is a requirement that the following conditions are met:
A water certificate is issued by the Provincial Department of Public Health confirming the water is suitable for human consumption. This is know as a Potability Well Certificate and must be obtained prior to the first advance.
- On site approval from the Provincial Department of Public Health ensuring the location can support a disposal bed must be obtained prior to the mortgage approval.
- A holdback of $3,500.00 will be required until we receive the final approval ensuring the septic system has been installed properly.
Well Driller’s Report:
A well driller”s report is issued by the well driller confirming the well is delivering a minimum of 18 litres/4 gallons per minute for a duration of one hour. This must be obtained prior to the first advance.