Exciting news for prospective homebuyers!
The Canada Mortgage and Housing Corporation (CMHC) has introduced new rules that can make homeownership more accessible, especially for first-time buyers. These changes offer more flexibility and options when it comes to purchasing a home.
Key Changes in the New CMHC Rules:
- Lower Down Payment Requirements: You can now put down less than 20% on properties valued up to $1.5 million. This is a game-changer for those looking to purchase a home in higher-value markets without needing a large down payment.
- Down Payment Example: For example, if you’re purchasing a property valued at $1.5 million, the minimum down payment required would be $125,000 (5% on the first $500k and 10% on the remaining up to $1,500,000).
- Extended Amortization Period: The new rules also allow for an amortization period of up to 30 years, which can help lower monthly payments and make it easier for first-time homebuyers to manage their mortgage.
These changes aim to make homeownership more attainable, giving you more financial flexibility and a wider range of options.
How a Licensed Mortgage Broker Can Help You
Navigating these new rules can be overwhelming, but as a licensed mortgage broker, I can assist you in exploring all available options. I’ll help you understand how these new rules apply to your unique situation and find the best mortgage solution to suit your needs.
Feel free to contact me if you would like more information or to discuss how these changes can benefit you in your homebuying journey.