First-Time Buyers: Explore New Mortgage Options
Starting Thursday, first-time homebuyers targeting newly built homes will have a new financial tool at their disposal, thanks to changes announced in the 2024 federal budget. These buyers can now access 30-year insured mortgages, extending their amortization period by five years beyond the traditional limit, to ease monthly payment burdens and improve affordability.
Who Benefits?
This extended amortization is available exclusively to first-time buyers purchasing new constructions, providing them with the opportunity to better manage monthly payments and potentially qualify for a larger loan. However, the program is limited to homes under $1 million, targeting a demographic that primarily includes Gen Z and millennials.
Velocity Mortgages understands the complexities of navigating new mortgage regulations. Whether you’re exploring these new 30-year mortgages or looking for more traditional financing solutions, our team is here to provide expert guidance and personalized service.
Interested in how these changes might affect you? Get in touch today to discuss how we can help you achieve your home-buying goals with the right mortgage solution.
Velocity Mortgages – Empowering Your Homeownership Dreams.