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MERIX Update: Insured 30 Year Amortization, Effective Aug 1
Here's what you need to know
Effective August 1st, 2024, 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.
MERIX, following the direction of the insurers, will consider the same subject to the below criteria being met:
Insured loans only, 80.01-95% LTV
New submissions received on or after August 1, 2024.
Existing applications resubmitted on or after August 1, 2024, and funds have not been advanced to the lawyer
At least one borrower to be a FTHB, defined as below: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:Available for 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
Eligible loan type – Purchase, Purchase Plus Improvement, Port/Replacement
Ineligible loan type – Small Rental and Secondary Home Programs
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