Posted by Graeme Maitland — filed in Real Estate Law
The Government of Canada has just made it easier to buy your first home. Through the First Time Home Buyer Incentive (FTHBI), owning a home has gotten easier with the government pitching in up to 10% of the value of the property.
The FTHBI is a program run by the Government of Canada to help first-time homebuyers reduce their monthly mortgage costs. They do this by providing a shared equity mortgage with the government of 5%-10%. The FTHBI is does not charge interest and does not require ongoing repayments.
The FTHBI works by providing a shared equity mortgage with the government. This type of mortgage means that a lender (the Government of Canada) will agree to give you a loan alongside your main mortgage in return for a share of any profits when you sell your house or repay the loan. The benefit of this loan is that no ongoing repayments are necessary and it is not interest bearing, allowing you to repay it at any time without a pre-payment penalty.
To qualify for the FTHBI you must meet the following criteria:
In addition, you must meet on of the following qualifications:
Once you qualify and meet the criteria, you can apply for the First Time Home Buyer Incentive.
If you qualify for the First Time Home Buy Incentive Program, or if you’re just buying or selling a home, contact a lawyer at Aarbo Fuldauer LLP in Calgary.
Address: 3rd Floor, 1131 Kensington Road NW, Calgary, AB, T2N 3P4
Phone: (403) 571-5120