This incentive helps qualified 1st time buyers reduce their monthly mortgage payments.
HIGHLIGHTS:
Get a 5% or 10 % shared equity mortgage. This allows 1st time home buyers to apply to finance a portion of their home purchase through a form of share equity mortgage with the Government of Canada.
1st time homebuyers can reduce their monthly mortgage payment, without increasing the amount they must save for the down payment. No on-going repayments are required and can be repaid at any time without penalty.
At least one homeowner must be a 1st time homebuyer.
The incentive is to help 1st time homebuyers purchase their 1st home with the intent to occupy.
As a borrower you must be a Canadian citizen or permanent resident or a non-permanent resident who are legally authorized to work in Canada.
Income Requirement: $120,000 per year or less.
Property types located in Canada and suitable for year-round occupancy:
• New construction
• Re-sale homes
• New and re-sale mobile homes
• Can include 1 to 4 units
Types of residential properties include:
• Single family homes
• Semi-detached homes
• Duplex
• Triplex
• Fourplex
• Town houses
• Condominium units
To find out if this program is for you, contact the
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to get your home buying process started click here.
For more details on this program go to:
