The first biggest purchase in your life. We know this can be very nerve-racking. The purpose for the First Time Home Buyer Program is to make that first purchase an easier one. This program is designed to share equity in the mortgage with the Government of Canada. This shared equity is interest free. You will have to repay this amount after 25 years of being in this property, or upon the sale of the property. The amount of the program is 5% of the purchase price of an existing home, and 5% or 10% of a newly constructed homes. The government also has a limit to the upside and downside of the home's value that the government will be exposed to within their shared equity. To qualify this must be the first purchase of property anywhere in the World. For a couple, this must be the first purchase for both parties anywhere in the World. You may be able to requalify for the First Time Home Buyers Program again after a couple of years. Terms & Conditions do apply. There are also a few more qualifying criteria's that must be met to qualify for this program. Reach out to us today to have your mortgage broker go over the details with you!
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