The First-Time Home Buyer Incentive

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The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.

The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada. It offers:

  • 5% or 10% for a first-time buyer’s purchase of a newly constructed home
  • 5% for a first-time buyer’s purchase of a resale (existing) home
  • 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home

The Incentive’s shared-equity mortgage is one where the government has a shared investment in the home. As a result, the government shares in both the upside and downside of the property value.

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Original Article Source Credits:     Canada Mortgage and Housing Corporation , https://www.cmhc-schl.gc.ca/

Article Written By:  NA

Original Article Posted on:  NA

Link to Original Article:  https://www.cmhc-schl.gc.ca/en/nhs/first-time-home-buyer-incentive

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