First-Time Home Buyers

New Insured Mortgage Rules Impacting First-Time Buyers

• The maximum home price eligible for insured mortgages has increased from $1 million to $1.5 million, allowing for down payments of less than 20% on higher-priced homes.
• First-time homebuyers can now extend insured mortgage amortizations to 30 years* from the standard 25 years.
• Purchases of newly constructed homes with insured mortgages can also extend to 30 years* (including first-time buyers).

*Please note that an additional insurance premium applies for 30-year extensions. If you have any questions, consult with your expert True North broker and stay tuned for updates.

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