{"id":3636,"date":"2024-08-06T15:07:41","date_gmt":"2024-08-06T15:07:41","guid":{"rendered":"https:\/\/www.chrisbrownrealestate.ca\/blog\/?p=3636"},"modified":"2024-08-06T15:07:41","modified_gmt":"2024-08-06T15:07:41","slug":"30-year-mortgages-now-available-for-eligible-first-time-buyers","status":"publish","type":"post","link":"https:\/\/www.chrisbrownrealestate.ca\/blog\/30-year-mortgages-now-available-for-eligible-first-time-buyers\/","title":{"rendered":"30-year mortgages now available for eligible first-time buyers"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3251\" src=\"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2022\/12\/Web_03.jpg\" alt=\"\" width=\"1800\" height=\"1199\" srcset=\"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2022\/12\/Web_03.jpg 1800w, https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2022\/12\/Web_03-300x200.jpg 300w, https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2022\/12\/Web_03-768x512.jpg 768w, https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2022\/12\/Web_03-1024x682.jpg 1024w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/p>\n<div class=\"text parbase\">\n<p>First-time homebuyers looking to purchase a new home can now take advantage of 30-year mortgages.<\/p>\n<p>The new measure, previously announced in the <a href=\"https:\/\/membernews.gvrealtors.ca\/standards-knowledge\/federal-budget-helps-homebuyers-and-renters.html\">2024 federal budget<\/a> and effective August 1, 2024, extends the mortgage amortization period from 25 to 30 years for first-time buyers of newly built homes.<\/p>\n<\/div>\n<div class=\"section-title\">\n<div>\n<h1 class=\"header4\">Who qualifies?<\/h1>\n<\/div>\n<\/div>\n<div class=\"text parbase\">\n<p>To qualify, at least one applicant must be a first-time homebuyer, defined as someone who has:<\/p>\n<ul>\n<li>never purchased a home before<\/li>\n<li>not owned and occupied a home as a principal residence in the last four years<\/li>\n<li>recently experienced the breakdown of a marriage or common-law partnership<\/li>\n<\/ul>\n<p>The property must be newly constructed and not previously occupied for residential purposes, though newly constructed condominiums with interim occupancy periods are included.<\/p>\n<p>This measure applies to high-ratio mortgages (where the loan exceeds 80 per cent of the home price) on owner-occupied properties.<\/p>\n<p>Lenders are expected to start offering these 30-year mortgages immediately.<\/p>\n<p>All existing eligibility criteria for government-guaranteed mortgage insurance remain unchanged.<\/p>\n<\/div>\n<div class=\"section-title\">\n<div>\n<h1 class=\"header4\">More information<\/h1>\n<\/div>\n<\/div>\n<div class=\"text parbase\"><a href=\"https:\/\/www.canada.ca\/en\/department-finance\/news\/2024\/06\/30-year-mortgages-for-first-time-buyers-of-new-builds.html\">Read the Department of Finance\u2019s backgrounder.<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>First-time homebuyers looking to purchase a new home can now take advantage of 30-year mortgages. The new measure, previously announced in the 2024 federal budget and effective August 1, 2024, extends the mortgage amortization period from 25 to 30 years for first-time buyers of newly built homes.<\/p>\n","protected":false},"author":2,"featured_media":3251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[12,127],"tags":[],"class_list":["post-3636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice-for-buyers","category-buy-with-chris-2"],"_links":{"self":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3636"}],"collection":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/comments?post=3636"}],"version-history":[{"count":1,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3636\/revisions"}],"predecessor-version":[{"id":3637,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3636\/revisions\/3637"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media\/3251"}],"wp:attachment":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media?parent=3636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/categories?post=3636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/tags?post=3636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}