12
Jul
No more 0% down mortgages - and other new mortgage requirements
Posted by: admin / Category: News & StatisticsThe 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.
July 31st, 2008 at 10:11 pm
[...] I summarized in a post eariler this month there are major changes coming to the mortgage industry in Canada. According to a recent article in [...]
November 17th, 2008 at 4:28 pm
[...] on this show: First Time Buyers’ Guide Previous posts about changing mortgage rules (post 1) (post 2) Comments are feedback are most welcome, please email homes@michaelbladon.com Download MP3 [...]