First-Time Home Buyer Incentive 2.0 Now Available
Long-awaited tweaks to the government’s First-Time Home Buyer Incentive came into effect on Monday.
Nearly five months after the changes were first proposed, the Department of Finance and Canada Mortgage and Housing Corporation (CMHC) have enhanced the eligibility criteria for buyers in Toronto, Vancouver and Victoria.
As a recap, the FTHBI is a shared-equity program whereby the government contributes between 5% and 10% of a first-time buyer’s down payment, and shares in any increase or decrease in the home value until the loan is repaid. The buyer doesn’t need to make any monthly payments, though the loan must be repaid after 25 years or when the home is sold.
Original Article Source Credits: CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: May 3, 2021
Link to Original Article: https://www.canadianmortgagetrends.com/2021/05/first-time-home-buyer-incentive-2-0-now-available/