The first-time home buyer incentive, or FTHBI, is a program designed by the Canada Mortgage and Housing Corporation, commonly known as the CMHC, to make homeownership more accessible and affordable for first-time buyers.<\/p>\n\n\n\n
With rising property prices and interest rates increasing several times already this year, this home buyer incentive could bring a smile back to the faces of many Montrealers. This program helps with down payment, thereby reducing monthly mortgage payments, without increasing financial burden. <\/p>\n\n\n\n
The First Time Homebuyer Incentive is a shared-equity mortgage, with the Government of Canada, which allows you to obtain an additional 5% or 10% of the down payment of your property. This loan bears no interest, has no regular principal payments, but must be repaid*<\/strong> to the government at 5% or 10% of the market value of the property at the time of repayment, up to a maximum repayment amount that is equivalent to: <\/p>\n\n\n\n (i) in the case of appreciation, the amount of the Incentive plus a maximum gain to the Government of 8% per annum (not compounded) on the amount of the Incentive from the date of the advance to the time of repayment; or<\/p>\n\n\n\n (ii) in the case of depreciation, the amount of the Incentive less a maximum annual loss to the Government of 8% (not compounded) on the amount of the Incentive from the date of the advance to the time of repayment.<\/p>\n\n\n\n Who is eligible for the FTHBI?<\/p>\n\n\n\n A person:<\/p>\n\n\n\n – who has never owned a home *<\/strong>Incentive repayment period: Contact us or your mortgage broker for more information.<\/p>\n","protected":false},"excerpt":{"rendered":" The first-time home buyer incentive, or FTHBI, is a program designed by the Canada Mortgage and Housing Corporation, commonly known as the CMHC, to make homeownership more accessible and affordable for first-time buyers. With rising property prices and interest rates increasing several times already this year, this home buyer incentive could bring a smile back […]<\/p>\n","protected":false},"author":1,"featured_media":314696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[84],"tags":[],"class_list":["post-314698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-and-news"],"acf":[],"yoast_head":"\n
– who has recently experienced the dissolution of their marriage or common-law relationship
– who has not lived in a home owned by themselves or their current spouse or common-law partner in the last four years
– who has enough funds to make the minimum down payment
– who is pre-approved for a mortgage that is more than 80% of the property\u2019s value, and thus covered by mortgage insurance.<\/p>\n\n\n\n
– Upon sale of the property
– At the end of the 25-year amortization period
– At any time by voluntarily repaying the full amount of the incentive<\/p>\n\n\n\n