First Time Home Buyers Incentive Program
Are you or someone you know a First Time Buyer looking to get into the market?
Here are the latest Government changes on the program:
Minimum Down Payment Requirement
5% of the first $500,000 of the lending value and 10% of the remainder of the lending value, from traditional sources of down payment.
Maximum Down Payment Requirement
For a 10% Incentive, the maximum down payment is 9.99%. For a 5% Incentive, the maximum down payment is 14.99%.
Existing Property Example:
Down Payment $31,000 / 5.55% (25k first $500k and 6k on remaining balance)
Shared Equity Mortgage $30,000 / 5%
Link to First Time Home Buyer Incentive: