without adding to their financial burdens.
There are a few qualifiers to apply for this incentive:
you need to have the minimum down payment to be eligible
your maximum qualifying income is no more than $120,000
your total borrowing is limited to 4 times the qualifying income
If you meet these criteria, you can then apply for a 5% or 10% shared equity mortgage with the Government of Canada. A
shared equity mortgage is where the government shares in the upside and downside of the property value.
- 5% for a first-time buyer’s purchase of a re-sale home
- 5% or 10% for a first-time buyer’s purchase of a new
after 25 years or if the property is sold, whichever happens first. The repayment of the Incentive is based on
the property’s fair market value.
You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000. If your home value
increases to $300,000 your payback would be 5% of the current value or $15,000.
You receive a 10% incentive of the home’s purchase price of $200,000, or $20,000 and your home
value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.
** request full brochure via FB msg or email to BUY-SELL-HOME.NET@OUTLOOK.COM