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Attention: First-Time Home Buyers!

Attention: First-Time Home Buyers!

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: geoff@getmortgaging.com

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