First Time Home Buyers Incentive Program

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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:

Price    $560,000

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:

https://www.placetocallhome.ca/

MMG