Exciting New Mortgage Rules Effective December 15th
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Exciting New Mortgage Rules Effective December 15th

Exciting New Mortgage Rules Effective December 15th

Exciting changes to mortgage rules are here! Here’s what you need to know:

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.

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