First-Time Home Buying Incentive

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The First-Time home buyer’s incentive is essentially a shared equity mortgage with the federal government, where the government is willing to put down 5%, or 10% if a pre-construction property, as a contribution to your downpayment however there are some stipulations.
◦You must be a Canadian citizen and first-time home buyer
◦Your first mortgage must be more than 80% (high ratio) subject to mortgage insurance
◦Your qualifying income does not exceed 120,000K annually (150K in Toronto and the purchase price does not exceed 4 times the amount of your annual income or 4.5 times in Toronto.
It’s also important to not that the Incentive must be paid in full – that is no partial payment – after 25 years or when the home is sold.

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