We have news! The 2nd of September 2019 brought on the launch of the First-Time Home Buyer Incentive (FTHBI).
This incentive could mean lower mortgage payments per month. There are a few requirements to qualify for this program, and as a start to qualifying, we have outlined them for you below. Note that at least one homeowner must be a first-time homebuyer, which is defined in terms of the FTHBI, as the following:
- Have never purchased a home before or have gone through a breakdown of marriage or common-law partnership (even if the other first-time home buyer requirements are not met)
- In the last four years did not occupy a home that was occupied by the homebuyer or their spouse
NOTE: It’s possible that you or your spouse or common-law partner qualifies for the First-Time Home Buyer Incentive (if you are in a married or common-law relationship) with the four-year clause even if you’ve owned a home
Chat to us at Mortgage Allies for more information – we’re here to help and would love to guide you in getting a mortgage for your first home. To give our community a better understanding of the FTHBI, we held a free webinar on Tuesday, the 24th of September at 6:30 pm EDT. Recap with our summary and recording here.