First Time Home Buyers Incentive
How Does First-Time Home Buyers Incentive Work?
The First-Time Home Buyers Incentive helps first-time homebuyers without adding to their financial burdens. There are no monthly payments and it is interest-free 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.
Do I Qualify for First-Time Home Buyer Incentive?
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.
Contact Cindy Janisch To Know More About First-Time 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.
