Exciting New Mortgage Rules Effective December 15th

Key Updates

1. 30-Year Amortizations

• Available for all buyers of newly built properties.
• First-time homebuyers (FTHBs) can use this for newly built or existing homes.
• FTHB Criteria:
• Never owned a home before OR haven’t owned/occupied a home in the last 4 years OR experienced a relationship breakdown.
• Loan-to-Value (LTV) > 80%.

2. Higher Price Cap

• New Limit: Insured mortgages eligible for homes up to $1.5M.
• Down Payment:
• 5% for first $500K.
• 10% for $500K-$1.5M.

3. Newly Built Homes Focus

• Homes must be owner-occupied and not previously used for residential purposes.

What This Means for You

• Easier access to homeownership for FTHBs and buyers of newly built homes.
• Improved affordability with longer amortizations.