Brokerage
Sutton Group Realty Systems Inc., Brokerage
The First Time Home Buyer Incentive helps qualified first time buyers reduce their monthly mortgage carrying costs without adding to their financial burdens. Up to 1.25 billion dollars has been set aside to help lower mortgage costs for eligible Canadians, on a First Come First Service Basis.
Buyers will need to have a minimum down payment to be eligible, which can be from your qualified R.S.P. Just keep in mind this is a C.M.H.C. insured mortgage program. Total down payment is to be “less” than 20% down. You can then apply for the 5% Down Payment Incentive, giving you an extra 5% down on resale purchases or 10% on new construction. Simplified, this is a shared equity mortgage program with the Government of Canada.
The Incentive funds will be a second mortgage on title. There will be no regular principal payments, no interest and has a maximum repayment term of 25 years or sooner if the property is sold. You can repay the Incentive at any time without a prepayment penalty. However, the repayment is based on the property’s fair market value.
The Government will share in the upside and downside of the property value upon repayment. Essentially the government is re-paid by their shared equity from the value of the property.
The incentive enables first-time homebyers to reduce their month morgage payment without increasing their downpayment. The incentive is not interest bearing and does not require ongoing payments.
Through the First-Time Home Buyer Incentive, the Government of Canada will offer:
5% for a first-time buyer's purchase of a re-sale home
5% or 10% for a first-time buyer's purchase of new construction
An example, you receive a 5% incentive of a resale home that you purchase for $480,000, and you receive a $24,000 incentive, then perhaps your home value increases to $600,000 your payback would be 5% for the current value which would be $30,000.
Who Can Apply?
For more First Time Home Buyer Incentive Program Details download more information below.
A simple example would be if your combined income is 120,000 x 4 the maximum purchase price would be $480,000 plus the down payment. There is a scaling price based on your down payment and the governments incentive so we have created a spread sheet for easy reference.
Call us today for more details at 416-896-3333 for this and other Government Programs available to help you with Home Ownership. Funds are limited, and timing is important, so please ensure to get all the details for a well-planned home purchase.
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1000-1199 Sq Ft
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1000-1199 Sq Ft
Located In One Of The Most Prestigious Neighbourhoods In Brantford, Welcome To 54 Dufferin Ave! Full Of Character, With Crown Moulding, High Baseboards, And Hardwood Floors - This Spacious Unit Offers Two Bedrooms, Large Living/Dining Areas, Kitchen, And Updated 3-Piece Bath. This Unit Also Includes A Semi-Private Deck/Balcony And A Dedicated Parki....More details
5+0
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5+0
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Two Storey Family Home, Centrally Located Close To Downtown, Easy Walk To Parks, School And Shopping. Main Floor Hosts A Huge Living Room, Separate Kitchen And Dining. Kitchen Has Walkout To Rear Deck And Fenced Yard. Detached Garage For Car And Storage. Main Floor Has 2 Piece Bath. Closed In Front Porch. Second Storey Has 3 Bedrooms, 4 Piece Bath....More details
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0-499 Sq Ft
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0-499 Sq Ft
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3+1
3
1100-1500 Sq Ft
3+1
3
1100-1500 Sq Ft
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1
0-499 Sq Ft
1+0
1
0-499 Sq Ft
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3+1
2
1100-1500 Sq Ft
3+1
2
1100-1500 Sq Ft
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1
700-799 Sq Ft
1+0
1
700-799 Sq Ft
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Room To Roam. Large Rooms, Great For Entertaining. Private Back Yard. 3 Bedrooms, 2 Baths, Separate 2 Car Garage. Close To Schools, Beach And Downtown. Note: Driveway Is Located To The North Beside Purple House. Sellers Driveway Is The Back Part (Shared).
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500-599 Sq Ft
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500-599 Sq Ft
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1
0-499 Sq Ft
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0-499 Sq Ft
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1
700-1100 Sq Ft
2+0
1
700-1100 Sq Ft
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1
700-1100 Sq Ft
2+0
1
700-1100 Sq Ft
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2
1100-1500 Sq Ft
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2
1100-1500 Sq Ft
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500-599 Sq Ft
1+0
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500-599 Sq Ft
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600-699 Sq Ft
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600-699 Sq Ft
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600-699 Sq Ft
1+1
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600-699 Sq Ft
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1000-1199 Sq Ft
3+0
2
1000-1199 Sq Ft
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2
1100-1500 Sq Ft
4+0
2
1100-1500 Sq Ft
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