New Mortgage Rules

There are lots of questions about the new downpayment changes that are set to take effect February 14th, 2016.  The TD Bank has released more details about what the new regulations will mean - and I wanted to pass that along to you, courtesy of our Century 21 B.J. Roth Centum Mortgage team!  

**Please note these new regulations ONLY affect HIGH RISK mortgages that are insured with CMHC or Genworth - and only on the portion that is OVER $500,000 but less than $1,000,000.

Essentially, any Agreement of Purchase and Sale dated BEFORE December 11th, 2015, and closing ANYTIME, can have 5% downpayment.

Agreements of Purchase and Sale dated between December 11, 2015, and February 14, 2016, closing ON OR BEFORE JULY 1, 2016, can have 5% downpayment.

Agreements of Purchase and Sale dated between December 11, 2015, and February 14, 2016, closing AFTER JULY 1ST, 2016, can have 5% downpayment on the FIRST $500,000 and then 10% downpayment on any amount above, but less than $1,000,000.

Agreements of Purchase and Sale dated February 15, 2016, or later, can have 5% downpayment on the first $500,000, and 10% on any amounts above, up to $1,000,000.

If you have ANY questions, please don't hesitate to contact me or your mortgage broker, or better yet, CENTUM MORTGAGES!

 

 

 

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Sharon Posius

Sharon Posius

Sales Representative
CENTURY 21 B.J. Roth Realty Ltd., Brokerage*
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