First-time homebuyer incentive will be discontinued as of March 21, 2024.
The 411 on the New Federal Government First Time Home Buyers Incentive
It’s here! The September Mortgage Rules & Application Requirements:
What does the Incentive Mean?
- This incentive alleviates financial stress by lowering monthly mortgage payments without increasing your down payment. This is a strategy to make getting into your first home easier!
Who Can Qualify?
- You cannot exceed more than 120K annual income
- Someone who has never purchased a home before
- Someone who has experienced a breakdown of marriage or common-law
- Someone who has not lived in a home their spouse or common law partner has owned within the last 4 years
- You must be a Canadian Citizen, have your permanent resident, or a current Canadian working visa
What is the Government Offering?
- This loan acts as a shared equity of your home between you and the government, if the value of your home increases, the value of the loan increases & vice versa
- 5-10% down for the purchase of a new home, this loan is interest free, and has to be paid back in 25 years or by the time you sell your home, whichever time comes first
- You must occupy the home full time; this is not a program for investors or rental purposes
- You do not have to make ongoing payments, as long as you pay it back on 25 years or by the time you sell!
- You must have your 5% down
- Your lender will complete the application for you
- Your mortgage must be eligible for insurance, this means your down payment cannot exceed 20% of the total purchase price of your home
- This incentive can be used towards mortgages up to $480,000 or less
- You may purchase properties such as condos, townhomes, duplexes or single-family homes
- Funding begins early November, you can apply now!
Or call the help line +1(877) 884-2642