First Time Home Buyers Incentive (FTHBI)
Who is it for?
The incentive is aimed to help make it easier for individuals to buy their first home by reducing their monthly mortgage payment without increasing their down payment.
How does it work?
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% - 10% for a first time buyers purchase of a new construction
Program Highlights
Purchasers must provide a minimum 5% down payment (the mortgage must be default insured).
The household income must be under $120,000.
The amount received cannot exceed 4 times the participants’ annual income (or $480,000).
The loan is required to be repaid.
CMHC shares in both proportionate gains or losses in house value.
Want to check your eligibility?
Contact us today.