Live in Cobalt Beach with the help of the First Time Home Buyers Incentive
Interested in living in Cobalt Beach with exclusive access to Jensen Lake? Purchasing a new home is a HUGE investment, especially if it’s your first home. Well everyone, the Canadian people have spoken and the Canadian Government has responded… with the introduction of the First-Time Home Buyer Incentive program! What a time to be alive! If this is the first time you’ve heard of the program and you’re interested in buying a new home, listen up.
The First-Time Home Buyer Incentive focuses on helping middle-class Canadians purchase their first home. The Government of Canada wants to take part in the investment, providing ten per cent towards the purchase of your new build home. Therefore, decreasing your mortgage amount, your monthly payments AND the stress on your wallet. However, every great thing comes with conditions (sorry to be a downer.) The Canadian Government acts as a silent investor, sharing the losses and gains of the constantly changing market. The article “Determine if the First-Time Home Buyer Incentive makes sense for you” published in the Edmonton Journal states that the Government “holds a second mortgage on your home, which will require payout when you sell, or in 25 years, whichever comes first.” Now we’ll hit you with some good news again. The article written by Heather Faulkner goes on to explain that if you choose to purchase a brand new home for the first time, the Canadian Government will put ten per cent towards your down payment. She goes on to write that “it doesn’t sound like a lot, but when you think the average home is still more than $400,000, the dollars add up!”
For example, say you are a first time home owner. You put $17,500 down (5 per cent) on a $350,000 home in Cobalt Beach. Purchasing a new build home, you can apply for the incentive of 10 per cent.
You could save $200 in monthly savings and a reduction on CHMC mortgage insurance premiums of approximately $5,000!
The qualifications for the program are pretty straight forward. Whether you’re divorced and a first time home buyer or even if you haven’t owned your own home is four years, you can still qualify. Some of the qualifications are:
-Mortgage must be insured and be less than 20 per cent down payment from traditional sources
-Can be one to four residential units
-At least one person on the title who has never owned a home
Buying your first home is a HUGE step in life, but the price tag shouldn’t stop you from doing so. If you’d like more information on the First Time Home Buyer’s Incentive, check out our podcast https://sarasotarealty.ca/podcast/episode-2-8-listed-season-2-a-new-incentive-for-first-time-home-buyers/ or head to https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive
To check out our units available in Cobalt Beach, go to https://sarasotahomes.ca/cobalt-beach/
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