Up To $50,000 Down Payment Help
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RECEIVE UP TO $50,000 TOWARDS DOWN PAYMENT OAC
No Monthly Payments and No Interest for 25 years.
5% to 10% First-Time Home Buyer Incentive
1st Time Home Buyers can now receive 5% to 10% Down Payment Incentive from the Canadian Government on a shared equity basis. To qualify you must be a first-time homebuyer(s) and total annual qualifying income should not exceed $120,000. You should have a minimum of 5% for the down payment from your own resources such as savings, RRSP, Investments, etc. Here’s how it works if you do qualify.
Here’s how it works if you do qualify.
Purchasing a Resale Property.
| Purchase Price | $500,000 | |
| Your 5% down payment | $25,000 | |
| Government 5% Incentive | $25,000 | |
| Total down payment | $50,000 | $50,000 |
| Mortgage Amount | $450,000 |
Purchasing a New Development.
| Purchase Price | $500,000 | |
| Your 5% down payment | $25,000 | |
| Government 10% Incentive | $50,000 | |
| Total down payment | $75,000 | $75,000 |
| Mortgage Amount | $425,000 |
Please note this is a Government Incentive Program. The first-time homebuyer will be required to repay the Incentive amount after 25 years, or when the property is sold, whichever is earlir.
Apply now for a mortgage and receive up to $50,000 down payment incentive oac.
Apply now. Oac.
