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First Time Home Buyers Incentive

How Does First-Time Home Buyers Incentive Work?

The FirstTime Home Buyers Incentive helps firsttime homebuyers without adding to their financial burdens. There are no monthly payments and it is interestfree for five years.

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.

first-time home buyer incentive

Do I Qualify for First-Time Home Buyer Incentive?

There are a few qualifiers to apply for this incentive:

  1. You need to have the minimum down payment to be eligible
  2. Your maximum qualifying income is no more than $120,000
  3. 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.

Contact Cindy Janisch To Know More About FirstTime Home Buyers Incentive

The First-Time Home Buyers Incentive is one of several measures that the Government of Canada is taking to make housing more affordable for Canadians.

If you are a first-time homebuyer, you may be eligible for the First-Time Home Buyers Incentive. Contact Cindy Janisch today to see if you are eligible for this incentive.