Rule Change Alert: Increase to the Insured Mortgage Price Cap

Insured Mortgages are currently capped with a maximum purchase price of $1,000,000.  What this means is that you cannot purchase a house with less than 20% down payment.  Not only that, with the current cap, you are not eligible for the best insured mortgage rates and your mortgage is classified as an un-insurable mortgage. 

Effective December 15th, 2024, the maximum purchase price for an insured or insurable mortgage will be increased to $1,500,000.  This means that if you are buying a property worth more than $1,000,000 all the way up to $1,500,000 you will qualify for the best insured or insurable rates.  In addition to that, if you qualify, you will be able to put less than 20% down on the purchase.  You will be able to purchase with the minimum down payment if you so choose to do so.  The minimum down payment requirement would 5% of the 1st $500,000 and 10% of anything over that amount.  For example, if you were to purchase a house for $1,000,000, your down payment would $25,000 for the 1st $500,000 and $50,000 for the remainder, making the total minimum down payment required $75,000.