CMHC is the least of your worries as the lender submits the deal to them for approval. Normally the lenders or banks have tighter guidelines than CMHC so the lender can be assured of CMHC insurance when they submit the deal.

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So me and my partner want to buy a house, we put an offer on it and it was accepted subject to financing. so we went to the bank and we did the paperwork. i have 6 things in total on my credit history, 3 old bad marks on my history which were paid off in full as soon as i found out about them, and 3 more recent good marks my credit card and my two student loans which are all paid as agreed. my partner has no credit to his name. he has no bad credit but he has no good credit either. just nothing. when we went to the bank the monthly payment we would make on the mortgage is good for our monthly debt ratio. we have a 5% downpayment, legal fees, and a little bit more savings for the little unexpected fees. the loans officer at the bank said that as long as cmhc approved us then we were straight approved by the bank. so my question is due to the credit histories of my partner and i do we have any kind of chance at all? the bad marks on my history are 1. 5 years ago i had a store card and i was 90 days late on a payment. never went to collections and i paid it off right away. 2. i had a long distance plan on my phone and when i moved i cancelled the account but i never received anything from them even though i forward my mail. it was a small amount $112. i just found out about it in sept 09' and paid it off right away. it was from 3 years ago. 3. i had a cell phone bill that i was fighting with the company about and they just sent it to collections and then added the cancel of the contract fee on it and i did pay it off. the total of all that debt was less then $2000 which i paid all off, those are the only things bad. back in october 09' was when i paid the last one.

15% is pretty much the standard for a down payment now. You should work to build his credit over the next couple of years and keep yours clean.