A buyer who is not a first-time home buyer is purchasing a newly built home with 10% down. What is the maximum amortization period allowed for the insured mortgage?
Correct Answer
D) 30 years
Section 5(1.1) of the Insurable Housing Loans Regulations allows a high-ratio insured mortgage to amortize over up to 30 years if any borrower is a first-time home buyer or the property is newly built. This home is newly built, so the maximum is 30 years even though the buyer is not a first-time buyer.
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A first-time home buyer is purchasing a resale home with 10% down. What is the maximum amortization period allowed for the insured mortgage?
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What is the standard maximum amortization period for an insured homeowner mortgage when no borrower is a first-time home buyer and the home is not newly built?