1. Purchase Offers Purchase offers dated prior to September 2nd, 2019 are eligible to apply for the program, so long as they are not closing prior to November 1st, 2019.
2.The program is expected to be operational Purchase transactions that have already closed prior to September 2nd, 2019 cannot be considered for the program.
3.First Funding Date Similarly, purchase transactions that have already closed prior to November 1st cannot be considered for the program.
It is a new Government of Canada program that allows eligible first-time buyers to apply to finance a portion of their downpayment by entering into a shared equity mortgage with the Government. • A shared equity mortgage means that the Government of Canada has a shared investment in the home and shares in both the upside and downside of the property value. • There is no application or processing fee to apply for the Incentive; it is not interest-bearing and does not require ongoing payments.
New Construction 5% or 10%
Existing Home 5%
New or re-sale mobile/ manufactured home 5%
• Canadian citizen or permanent resident or non-permanent resident who is legally authorized to work in Canada.
• At least one borrower must be a first-time home buyer.
• Property must be located in Canada – owner-occupied with year-round occupancy.
• Total qualifying annual income cannot exceed $120,000 (all borrowers).
• Must have a minimum downpayment of 5% from traditional sources – total downpayment with the Incentive must be less than 20%.
• The purchase price cannot exceed 4 times the qualifying annual income and downpayment combined.
• Total borrowing (insured mortgage amount + Incentive amount) cannot exceed 4 times the total qualifying annual income.
Homebuyer must have a minimum downpayment of 5% from traditional sources: – Non-registered savings – Registered savings (RRSPs, TFSA) – Non-repayable financial gift from an immediate familymember *Unsecured personal loans or unsecured lines of credit used to satisfy minimum downpayment requirements are not eligible for the program.
For more information Call @ 647-808-4645
Jatinder Samra
Salesperson
Homelife Silvercity Realty Inc.
Brokerage