New Insured Mortgage Rules Affecting First-Time Buyers
- The home price cap for insured eligibility has been raised from $1M to $1.5M, allowing less than 20% down payment for more expensive homes.
- First-time home buyers can extend insured mortgage amortizations to 30 years* from the standard 25.
- Insured mortgage purchases of newly-built homes can extend to 30 years* (including first-time buyers).
*An additional insurance premium will apply for 30-year extensions. Have questions? Please talk to your expert True North broker and stay tuned for updates.
