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    • Do You Qualify For a 5%-10% Home Buyer Incentive From The Canadian Government?

    Do You Qualify For a 5%-10% Home Buyer Incentive From The Canadian Government?

    First Time Home Buyer

    The First-Time Home Buyer Incentive can help you purchase your first home. This incentive aims to help first-time homebuyers without adding to their financial burdens. There are no additional monthly payments. Participants must meet a 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 four times the participant’s qualified annual income.

    Here’s an example.

    Anita wants to buy a new home for $400,000.
    Under the First-Time Home Buyer Incentive, Anita 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 she needs to borrow and reduces her monthly expenses.
    As a result, Anita’s mortgage is $228 less a month or $2,736 a year.

    The First-Time Home Buyer Incentive Details Page

     

    As Realtors, How We Help First Time Buyers!

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    Ty Lacroix

    Founder & Owner & Broker of Record of Sutton Group Envelope Real Estate Inc, a Grandfather, right handed, male, can't sing or dance well and have been called a workaholic

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