CMHC Home Start helps Canadians buy their first homes
August 01 2024 - 11:00AM
PR Newswire (Canada)
OTTAWA,
ON, Aug. 1, 2024 /CNW/ - In Budget 2024, the
federal government announced it would amend mortgage rules to allow
up to 30-year mortgages for first-time homebuyers purchasing newly
constructed homes. As of today, August
1, 2024, these new mortgage rules are in effect.
Canada Mortgage and Housing Corporation's (CMHC) new Home
Start product will provide mortgage loan insurance to
first-time homebuyers of new builds with 30-year amortizations.
This will help open the door for more Canadians to purchase their
first home by allowing an additional five years to pay off their
mortgage, thereby lowering monthly payments.
Home Start is applicable to all housing types, including
manufactured homes, so long as the home is a new construction.
Interested homebuyers can reach out to their mortgage professional
to learn more about CMHC Home Start and other CMHC mortgage loan
insurance products available to help meet their housing needs.
Quick facts:
- CMHC is mandated, through the National Housing Act, to promote
housing affordability, support an efficient and competitive housing
finance market, and contribute to the stability of Canada's financial system.
- CMHC's mortgage loan insurance contributes to more affordable
financing for qualified homebuyers, enabling borrowers with less
than 20% down payment to access financing at interest rates that
are comparable to those offered with a larger down payment.
- Mortgage loan insurance is an important part of both our
affordability and stability objectives.
Additional Information:
- Visit Canada.ca/housing for the most requested Government of
Canada housing information.
- CMHC contributes to the stability of the housing market and
financial system, provides support for Canadians in housing need,
and offers unbiased housing research and advice to all levels of
Canadian government, consumers and the housing industry. CMHC's aim
is that everyone in Canada has a
home they can afford and that meets their needs. For more
information, follow us on Twitter, Instagram, YouTube, LinkedIn and
Facebook.
- To find out more about the National Housing Strategy, please
visit www.placetocallhome.ca
SOURCE Canada Mortgage and Housing Corporation (CMHC)
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