Jesse and Melissa live in Nanaimo and are looking for a new home. They have a combined income of a modest $54,000 annually, but also have $22,000 saved up for a down payment. Under the former mortgage rules, the couple could have qualified for a three-year fixed rate that would put them in an ideal starter home. Instead, they’re looking at a $60,000 mobile home in a park with a pad fee of $400 and credit union rate of 5.64 per cent amortized for 15 years.