Further to the blog post from the other day about the fast-approaching government deadline for the cutoff of 100% financing and 40-year amortization, the options for home buyers and home owners that require zero down mortgages and longer amortization are becoming more and more restricted.
First Foundation’s last remaining lender that was still accepting applications for mortgages requiring 100% financing and 40-year amortization announced this morning that as of 11:59pm on Friday, October 3rd, these products will no longer be offered.
Good news, though! Watch this site in the coming days and weeks for more information about how you can still obtain 100% financing for those of you who are first-time buyers. Make sure you get a good Realtor or check out ComFree and make an offer!
For those of you that are currently holding pre-approvals with Merix Financial, your pre-approval will still be honoured, and you will have until October 13th to obtain an accepted offer to purchase on a home. If you do not find a home to purchase by that time, you will have to be requalified for your mortgage based on 35-year amortization, and will need to have a down payment of a minimum of 5% of the purchase price.
If you’d like to discuss what your options will be once the new government rules have come into effect, please contact First Foundation.