Contact me to learn more about the first time home buyers Incentive. This is a wonderful opportunity for home buyers.
There are a few qualifiers to apply for this incentive:
you need to have the minimum down payment to be eligible
your maximum qualifying income is no more than $120,000
your total borrowing is limited to 4 times the qualifying income
If you meet these criteria, you can then apply for a 5% or 10% shared equity mortgage with the Government of Canada. A shared equity mortgage is where the government shares in the upside and downside of the property value.
How does it work?
The Incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment.
Through the First-Time Home Buyer Incentive, the Government of Canada will offer:
5% for a first-time buyer’s purchase of a re-sale home
5% or 10% for a first-time buyer’s purchase of a new construction