Who is eligible for an Insured 30 Year Amortization?

Posted On Jan 15, 2025

High ratio insured purchasers buying new construction and first-time homebuyers purchasing either existing or newly constructed homes. 

A First Time Homebuyer as defined by the insurers must meet one of the following criteria:

• The borrower has never purchased a home before; OR
• In the last 4 years, the borrower has not occupied a home as a principal place of residence that either they or their current spouse or common-law partner owned; OR
• The borrower recently experienced the breakdown of a marriage or common-law partnership and has been living separately for 90 days.

What constitutes a newly built home?

• New construction properties not previously occupied for residential purposes including newly built condos where there has been an interim occupancy period

For more information and personalised mortgage advise please call +1 877-391-2933; ask for Abhi Uppal or request a call back on www.vanislandmortgages.com

Happy to help 😀 !