First Time Home Buyer Incentive
Have you heard that the government is giving money to First Time Home Buyers? The new First Time Home Buyers Program will provide an additional downpayment 5% or 10% toward the purchase of a resale home or new construction home for first time home buyers that qualify.
In this video, I will lightly explain who qualifies for this program (more info can be found on the Government of Canada website aplacetocallhome.ca). In addition, from a mathematical perspective, I will answer the following questions:
1. Do you qualify for the same purchase price with this First Time Home Buyers program as you would without the program?
2. What savings would you realize if you were to use this program?
3. What happens when you sell? Will you lose a lot of money?
If you have any questions about this program please reach out to me. If I can’t answer your question, I will get you in touch with someone who can.
In the meantime, start you home search right here on my website: https://jenn.jennmcphillamey.com/
Quick shoutout to Heather Brandt, Mortgage Associate with DLC Mortgage Force for helping me with the scenario calculations.