MyDaddyHomes Realty Services  Newsletter
Serving Brampton and Mississauga Since 1986:        October 2018

Call Us Today Direct: 416-258-3079 


About The New Government First Time Home Buyers Program
 
Why is it for first-time homebuyers only?
 
For many Canadians, especially young people and first-time buyers, finding an affordable place to call home is not just a challenge - it feels like an impossibility. There aren't enough houses for people to buy, or apartments for people to rent. That makes finding a good place to live too expensive and beyond what many people, especially younger Canadians, can afford.
 
This initiative is designed to help young Canadians access home ownership in a fiscally responsible and affordable way. Statistically this is the demographic group with the lowest percentage of home ownership.
 
How will this help younger Canadians struggling to save for a down payment?  

In all cases, the borrower must meet minimum down payment requirements with traditional sources such as savings, withdrawal/collapse of a Registered Retirement Savings Plan (RRSP), or a non-repayable financial gift from a relative/immediate family member. By obtaining the Incentive, the borrower may not have to save as much of a down payment to be able to afford the payments associated with the mortgage.
 
Who can apply?
  • Canadian citizens, permanent residents, and non-permanent residents who are legally authorized to work in Canada
  • Borrowers must have a maximum qualifying income of $120,000
    • Total qualifying income must be $120,000 per year or less.
    • This is subject to qualifying income requirements set out by lenders and mortgage loan insurers
  • At least one borrower must be a first-time homebuyer, as per the definition below.
What is a qualifying income?  
 
To be eligible for the FTHBI the combined qualifying income on your application cannot be higher than $120,000. That means whether you are applying by yourself, with a friend or a spouse you have to add your qualifying income and make sure it is less than $120,000.
 
Renting is more costly than owning, contact us today to get started on Home Ownership.  
   
 
MyDaddyHomes: Keeping you informed today, so you can have a better tomorrow! 
Thinking About Buying A Home?

Don't buy a home without attending the MyDaddyHomes Free Home Buying Seminar. It is critical you understand all that is involved in buying your first home. Buying mistakes can cost you money and heartaches. Click on the link to learn more.

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