Are you a first-time home buyer looking for assistance with your down payment?
Looking to save a few hundred dollars a month on your mortgage payment?
We have good news!
There is a First-Time Home Buyer Incentive launching September 2nd, 2019.
Whether you want to purchase a re-sale home or a new build, you may qualify for the new Incentive program with the Government of Canada.
All you need is the minimum down payment to apply (5% up to $500,000 purchase price, and 10% above $500,000) to apply for 5-10% shared equity mortgage. Your down payment can come from savings, RRSP, family gift.
You must make less than $120,000 a year and your total borrowing is limited to 4x the qualifying income.
Example;
If you buy a house for $200,000, and you receive a 5% incentive, or $10,000, and your home’s value increases to $300,000 at the time of sale, you will pay back $15,000 to the Incentive program.
You can repay the Incentive at any time without a pre-payment penalty and you have up to 25 years to do so (or when you sell your house – whichever comes first).
For more information, please don’t hesitate to call/text me, Geoff 519-217-3484 or email: [email protected]
