{"id":4217,"date":"2019-04-15T15:49:14","date_gmt":"2019-04-15T15:49:14","guid":{"rendered":"https:\/\/www.matrixmortgageglobal.ca\/?p=4217"},"modified":"2021-03-31T08:57:18","modified_gmt":"2021-03-31T08:57:18","slug":"uncovered-cmhcs-new-home-buyer-incentive","status":"publish","type":"post","link":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/uncovered-cmhcs-new-home-buyer-incentive\/","title":{"rendered":"UNCOVERED: CMHC&#8217;s New Home Buyer Incentive"},"content":{"rendered":"<p>UNCOVERED: CMHC&#8217;s New Home Buyer Incentive<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4218\" src=\"https:\/\/www.matrixmortgageglobal.ca\/wp-content\/uploads\/2019\/04\/unnamed-1.png\" alt=\"\" width=\"600\" height=\"139\" srcset=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/unnamed-1.png 600w, https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/unnamed-1-300x70.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>Matrix Mortgage Global is Canada&#8217;s #1 Fastest-Growing Mortgage Brokerage<\/p>\n<p><strong>Entering the real estate market amidst rising prices and stricter lending guidelines has become more difficult than ever. In an effort to ease the stress on hopeful borrowers, the Canadian Government has proposed the following changes to CMHC&#8217;s Insurance Plan:\u00a0<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"img-cls aligncenter size-full wp-image-4219\" src=\"https:\/\/www.matrixmortgageglobal.ca\/wp-content\/uploads\/2019\/04\/unnamed-2.png\" alt=\"\" width=\"595\" height=\"316\" srcset=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/unnamed-2.png 595w, https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2019\/04\/unnamed-2-300x159.png 300w\" sizes=\"auto, (max-width: 595px) 100vw, 595px\" \/><\/p>\n<p><strong>Main Changes:<\/strong><\/p>\n<p><strong>*<\/strong>RRSP Contribution increase to $35,000<\/p>\n<p>*5 % \u2018No interest mortgage\u2019 for resale home purchases, 10% for new home build purchases from builders.<\/p>\n<p><strong>Restrictions:\u00a0<\/strong><\/p>\n<ol>\n<li>Maximum household income of $120,000<\/li>\n<li>Maximum mortgage amount of 4 times household income ($500,000)<\/li>\n<li>Even a max income of $119,000, max mortgage amount cannot exceed $476,000.00 which would put the max purchase price at about $525,000<\/li>\n<\/ol>\n<p><strong>Scenario:<\/strong><\/p>\n<p>If a borrower purchases a $400,000 home with 5% down payment + the 5% CMHC \u201cShared Equity Mortgage\u201d ($20k) ., the size of the borrower\u2019s insured mortgage would be reduced from $380,000 to $360,000, helping to lower the borrower\u2019s monthly payment from $1939.89 to $1,821\/month.<\/p>\n<p>When is it paid off? The assumption is that it will be paid when a client sells or refinances, with the likelihood being that CMHC may share in a portion of the increase or decrease in value.<\/p>\n<p><strong>To see if you qualify for a purchase, you can\u00a0<a class=\"m_1557434465368374906gmail-m_4057167582158814380validating\" href=\"http:\/\/www.mmgb.ca\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=http:\/\/www.mmgb.ca\/&amp;source=gmail&amp;ust=1555427767185000&amp;usg=AFQjCNGDc76gqZLRs-w2Dq20NAQ-NvlNEw\">apply online<\/a>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>UNCOVERED: CMHC&#8217;s New Home Buyer Incentive Matrix Mortgage Global is Canada&#8217;s #1 Fastest-Growing Mortgage Brokerage Entering the real estate market amidst rising prices and stricter lending guidelines has become more difficult than ever. In an effort to ease the stress on hopeful borrowers, the Canadian Government has proposed the following changes to CMHC&#8217;s Insurance Plan:\u00a0&hellip;<\/p>\n","protected":false},"author":1,"featured_media":4219,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[115],"tags":[],"class_list":["post-4217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UNCOVERED: CMHC&#039;s New Home Buyer Incentive - Matrixmortgageglobal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/uncovered-cmhcs-new-home-buyer-incentive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UNCOVERED: CMHC&#039;s New Home Buyer Incentive - Matrixmortgageglobal\" \/>\n<meta property=\"og:description\" content=\"UNCOVERED: CMHC&#8217;s New Home Buyer Incentive Matrix Mortgage Global is Canada&#8217;s #1 Fastest-Growing Mortgage Brokerage Entering the real estate market amidst rising prices and stricter lending guidelines has become more difficult than ever. 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