Effective August 1st, 2024, new program to help new buyers:
The Department of Finance will now allow homeowners purchasing a newly built property and who meet First Time Home Buyer (FTHB) criteria, the option of a 30-year amortization for insured mortgages.
- Insured loans only, 80.01-95% LTV
- New Purchases closing after August 1st
- At least one borrower to be a First Time Buyer
- The borrower has never purchased a home before; or
- In the last 4 years, the borrower has not occupied a home as a principal place of residence that either they themselves or their current spouse or common-law partner owned; or
- The borrower recently experienced the breakdown of a marriage or common-law partnership.
- At least one borrower must occupy the property
- Eligible Properties: 1 – 4 Units
- Owner Occupied or Partially Owner Occupied
- Newly built homes and condos ONLY
- Insurer Premium – surcharge of 0.20% applicable to loans where amortization is >25 years. (80-85%-3%) (85.1-90%-3.3%) (90.1-95%-4.2%)
- Eligible loan type – Purchase, Purchase Plus Improvement, Port/Replacement
- Ineligible loan type – Small Rental and Secondary Home Programs
Unfortunately, this program does not allow extended amortization for resale homes, just newly built homes. Ask us, your Kitchener Mortgage Broker, Bennett Capital Group, for a quote to see if this allows you to get into a new home! Your Pre-Approval Specialist will discuss in more details for you!
