New Insured Mortgage Rules Affecting First-Time Buyers
- The home price cap for insured eligibility is being raised from $1M to $1.5M, allowing less than 20% down payment for more expensive homes.
- First-time home buyers will be able to extend insured mortgage amortizations to 30 years from the standard 25.
- Insured mortgage purchases of newly-built homes will also be able to extend to 30 years (including first-time buyers).
Insurance premium tiers based on mortgage amounts will change. Have questions? Please talk to your expert True North broker and stay tuned for updates.
