Are you a homeowner dreaming of upgrading to a bigger, better home? Recent changes to the insured mortgage cap mean that moving up to your dream home is now more affordable than ever.
What’s New for Move-Up Buyers?
The government has increased the insured mortgage cap to $1.5 million, allowing buyers to secure a higher-priced home with a significantly lower down payment. Here’s how this change benefits you:
- Higher Price Cap: You can now buy a home priced up to $1.5 million with less than 20% down.
- More Affordability: If you’ve built some equity in your current home but don’t have a large down payment saved, this change allows you to move up in the market without needing 20% upfront.
Move-Up Buyer Case Study: Real Savings
Let’s look at how this plays out in real numbers:
Scenario: You’re upgrading to a home worth $1.35 million.
- Old down payment requirement: 20% = $270,000
- New down payment requirement: 5% on the first $500,000 + 10% on the remaining = $110,000
That’s a savings of $160,000 upfront, making your dream home much more accessible!
Why This Matters for You
These new mortgage rules mean more flexibility and less financial stress. You can upgrade to a larger home sooner, while still managing your finances effectively. Plus, as homeowners upgrade, their current homes are freed up for new buyers, helping create more movement in the market.
This is a game-changer for move-up buyers, and the opportunity has never been better.
Ready to Make the Move?
If you’ve been considering an upgrade, now is the perfect time. I’m here to guide you through the process, helping you take advantage of these new changes and make your dream home a reality.
Contact me today to explore your options and take the next step in your homeownership journey!
IG @karlymarlove
Phone +1 416 206 0447
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