No more 0% down mortgages - and other new mortgage requirements
The government of Canada announced some changes to the requirements for government backed high-ratio mortgages this week. The key new features are:
- Maximum amortization of 35 years
- Minimum down payment of 5%
- Consistent minimum credit score requirements.
The new limitations are scheduled to take effect on October 15th, 2008. This will likely affect a lot of first time home buyers. Anyone hoping to take advantage of a long amortization or 0% down payment must act before this date.
Read the Government of Canada Press Release Here.
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