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First Time Home Buyer Rebate

 
Access Rebates > Services > First Time Home Buyer Rebate

The First-Time Home Buyer Incentive makes it easier for a person to buy a home and lower their monthly mortgage payments. This program is a shared equity mortgage. This means that the Government shares in the upside and downside of the property value. It allows you to borrow 5 or 10% of the purchase price of a home. You pay back the same percentage of the value of your home when you sell it or within a 25-year window.

It works like this:

  • Home Buyer receives a 5% incentive of the home’s purchase price of $200,000, or $10,000. If the home value increases to $300,000 the Homeowner payback would be 5% of the current value or $15,000.
  • The Home Buyer receives a 10% incentive of the home’s purchase price of $200,000, or $20,000 and the home value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.

Just as the name implies, this incentive is for first-time homebuyers. You’re considered a first-time homebuyer if:

  • Home Buyer has never purchased a home before
  • Home Buyer did not occupy a home that you or your current spouse or common-law partner owned in the last 4 years (the 4-year period begins on January 1 of the fourth year before the Incentive is funded and ends 31 days before the date the Incentive is funded)
  • Home Buyer recently experienced the breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements)

These are a few criteria to determine your eligibility for the First-Time Home Buyer Incentive:

  • your total annual qualifying income doesn’t exceed $120,000
  • your total borrowing is no more than 4 times your qualifying income
  • you or your partner are a first-time homebuyer
  • you are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada
  • you meet the minimum down payment requirements with traditional funds (savings, withdrawal/collapse of a Registered Retirement Savings Plan (RRSP), or a non-repayable financial gift from a relative/immediate family member)

If you need assistance with improving your Credit Score to qualify for funding
Call Access Rebates at 905-678-6368.

 

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