As of December 15th, new mortgage rules have expanded eligibility for mortgage insurance to homes valued at up to $1.5 million. Under these rules, first-time home buyers must put down a minimum of 5% on the first $500,000 and 10% on the portion between $500,000 and $1.5 million. This change acknowledges the realities of today’s housing market, particularly in high-cost areas.
The updated rules also make first-time home buyers with insured mortgages and any buyer of a new build eligible for 30-year amortizations, as opposed to the previous 25-year limit.
If you’re looking to buy your first home, our Rapport mortgage experts are here to help!
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