A score below 600 does not automatically end the process, since some lenders and mortgage brokers work with alternative or B-lender financing at a higher rate, but the down payment requirement usually rises as well, and the overall cost of borrowing increases meaningfully.
Credit score is only one piece of what a lender reviews. CMHC also weighs a gross debt service ratio of roughly 39 percent of income and a total debt service ratio of 44 percent, alongside your down payment source, whether savings, a gift or a Home Buyers' Plan withdrawal.
Check your score and address any errors on your credit report before you start touring homes near the Saskatoon benchmark of $444,700. Get your hand-reviewed valuation from Joel Dyck.