First Time Home Buyer Incentive Program
Tags: First Time Home Buyer Incentive Program, First Time Home Buyers, Incentives for First Time Home Buyers
The First-Time Home Buyer Incentive can help you purchase your first home. The main focus of this incentive is to help first-time homebuyers without adding to their financial burdens.
If your qualify for this, there will no additional monthly payments. But you must meet minimum insured mortgage down payment requirements.With this incentive, the Government of Canada provides:
- 5% or 10% for a first-time buyer’s purchase of a newly constructed home
- 5% for a first-time buyer’s purchase of a resale (existing) home
- 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home
The incentive is available to first-time homebuyers with qualified annual incomes of $120,000 or less. A participant’s insured mortgage and the incentive amount cannot be greater than 4 times the participant’s qualified annual income.
Here’s an example:
Sam wants to buy a new home for $400,000.
Under the First-Time Home Buyer Incentive, Sam can apply to receive $40,000 in a shared equity mortgage (10% of the cost of a new home) from the Government of Canada. This lowers the amount he needs to borrow and reduces his monthly expenses.
As a result, Sam's mortgage is $228 less a month or $2,736 a year.
For further details about this program, you may call me at 4163719252
Under the First-Time Home Buyer Incentive, Sam can apply to receive $40,000 in a shared equity mortgage (10% of the cost of a new home) from the Government of Canada. This lowers the amount he needs to borrow and reduces his monthly expenses.
As a result, Sam's mortgage is $228 less a month or $2,736 a year.
For further details about this program, you may call me at 4163719252
