30 Year, Insured, Amortizations Are Back…

…however, there’s some caveats to that.
To get a 30-year insured amortization:

1. At least one of the borrowers on the application must be a first-time homebuyer, meaning they meet one of the following criteria:
   1. The borrower has never purchased a home before;
   2. In the last 4 years, the borrower has not had a principal residence that either they or their current spouse or common-law partner owned; or,
   3. The borrower recently experienced the breakdown of a marriage or common-law partnership.
2. The new home must not have been previously occupied for residential purposes. (Note: This does not exclude new condos that have had an interim occupancy period.)
3. The mortgage must be high-ratio insured (less than 20% down)
4. This measure applies only to mortgage insurance applications that lenders submit to mortgage insurers “on or after August 1, 2024.”
   www.mortgagelogic.news