Charles M and his wife bought a mini-home on a piece of property in Moncton N.B. for $159,000. The couple were in a hurry, as they needed to move closer in the city because of a son that needed daily medical care. So he put their former home up for sale and made a quick purchase through a private lender, thinking he would just refinance after it was his and pay off the private lender. That left him with a $2,200 monthly payment.  With the new rules, he cannot do “stated income” to qualify to payout the private lender because he is self-employed. He’s been successful for 30 years with excellent and consistent business income, but no lenders are offering stated income on refinances as it was an insured product. The couple both have excellent credit, repayment history, and good net worth. Charles could have done the refinancing prior to the rule change, but now the couple is stuck with a $2,200 monthly payment on a $127,000 mortgage.