A first-time homebuyer with a 10% down payment wants the longest amortization available on a CMHC-insured mortgage. Under CMHC Home Start, what is the maximum amortization period?
Correct Answer
B) 30 years
CMHC Home Start insures high-ratio mortgages for first-time homebuyers or buyers of newly built homes with a maximum amortization of 30 years. A standard insured purchase is limited to 25 years, so a first-time buyer can go beyond 25 years on an insured loan.
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