Feds launch mortgage refinancing program to boost secondary suite

Feds launch mortgage refinancing program to boost secondary suites and ease housing crunch Maximum loan-to-value (LTV): The LTV ratio can be up to 90% of the “as improved” property value, with the total property value capped at $2 million.Amortization period: The maximum amortization for this refinancing is 30 years, allowing borrowers to spread payments over a longer term. Number of units: Homeowners can add up to four units on their property, including the existing one. Self-contained units: Each secondary suite must be a fully self-contained unit, meaning it has separate living facilities, such as a private entrance, kitchen, and bathroom. This ensures compliance with municipal zoning requirements. No short-term rentals: The additional units must be long-term rentals and cannot be used for short-term rental purposes (e.g., Airbnb).