𝐖𝐞𝐥𝐜𝐨𝐦𝐞 𝐭𝐨 𝐦𝐲 𝐧𝐞𝐰 𝐰𝐞𝐞𝐤𝐥𝐲 𝐯𝐢𝐝𝐞𝐨 𝐬𝐞𝐫𝐢𝐞𝐬!
Starting today, and 𝐞𝐯𝐞𝐫𝐲 𝐅𝐫𝐢𝐝𝐚𝐲 during this spring and summer, I am going to be sharing a new informative video with you all!
Today, I am focusing on the 𝐅𝐢𝐫𝐬𝐭-𝐓𝐢𝐦𝐞 𝐇𝐨𝐦𝐞 𝐁𝐮𝐲𝐞𝐫 𝐈𝐧𝐜𝐞𝐧𝐭𝐢𝐯𝐞, a new program that helps to make homeownership more affordable. The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.
The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada. It offers:
•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’s shared-equity mortgage is one where the government has a shared investment in the home. As a result, the government shares in both the upside and downside of the property value.
By obtaining the Incentive, the borrower may not have to save as much of a down payment to be able to afford the payments associated with the mortgage. The effect of the larger down payment is a smaller mortgage, and, ultimately, lower monthly costs.
The homebuyer will have to repay the Incentive based on the property’s fair market value at the time of repayment. If a homebuyer received a 5% Incentive, they would repay 5% of the home’s value at repayment. If a homebuyer received a 10% Incentive, they would repay 10% of the home’s value at repayment.
The homebuyer must repay the Incentive after 25 years, or when the property is sold, whichever comes first. The homebuyer can also repay the Incentive in full any time before, without a pre-payment penalty.
Call or text me anytime with questions you may have about the First-Time Home Buyer Incentive!
𝐄𝐦𝐛𝐞𝐫 𝐑𝐞𝐚𝐥𝐭𝐲 𝐆𝐫𝐨𝐮𝐩