Owning a home: a dream for so many of us!
However, saving up enough money for the down payment is not always easy. Did you know there are programs that can help?
Here is an overview of one of these programs.
The Federal Government’s First-Time Home Buyer Incentive
Eligible first-time home buyers (consult eligibility criteria here).
How does it help?
It reduces monthly mortgage payments without adding to your financial burden.
What amount can you get?
You could get 5% or 10% (of the home’s purchase price) to put toward a down payment on a new construction.
In a nutshell, the program offers you a helping hand with your down payment, reducing monthly mortgage payments and helping you qualify for financing.
As this is a loan, you will, however, have to pay back the government when you sell the property (or after 25 years if the property is not sold before then). The amount to pay back will be calculated based on the resale price prorated according to the initial down payment. Consult all the details here.
Do you still have questions? Our sales teams are here to answer them. Do not hesitate to get in touch with the team of the project you are interested in. You might be surprised by the programs available to you.
Who knows, this may just be the helping hand you need to make your dream of home ownership come true!