Wendy Atkinson

Well, the government has announced a new 30 year amortization for first time homebuyers on new builds starting August 1, 2024. Is this a good thing? Well, if you are slightly short in regards to income qualification or you just cant quite afford the current payments then this might be what you were looking for. It will result in about a 5.6% increase in what you can afford to purchase. Does this solve the current house shortage or the rising cost of owning a home...no.

However the bigger news is that this is the first time in decades that the government has eased mortgage qualifications. Is it enough..in my opinion I think they should open up the 30 year amortization to resale purchases as well. A new home comes with alot of additional costs to get into the house (ie buying appliances, decorating, landscaping) that most first time homebuyers just cant afford after the purchase. Let all the market benefit!

Got questions...lets talk!