First-Time Home Buyer
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Did You Know: There are two great programs that can help you into homeownership as a first-time home buyer. To learn if you can qualify for it, Contact us TODAY!
1. First-Time Home Buyer RRSP Program
2. First-Time Home Buyers Incentive Program
First-Time Home Buyer RRSP Program
This program allows you to withdraw funds from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home for yourself. The HBP allows you to pay back the withdrawn funds within a 15-year period.
You can withdraw funds from more than one RRSP as long as you are the owner of each RRSP account. Your RRSP issuer will not withhold tax on withdrawn amounts of $35,000 or less. Some RRSPs, such as locked-in or group RRSPs, do not allow you to withdraw funds from them.
First-Time Home Buyers Incentive Program
It's a shared-equity mortgage with the Govt. of Canada, which offers:
* 5% or 10% for a first-time home buyers purchase of a newly constructed home
* 5% for a first-time home buyers purchase of a resale (existing) home
* 5% for a first-time home buyers purchase of a new or resale mobile/ manufactured home
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. The effect of the larger down payment is a smaller mortgage, and, ultimately, lower monthly payments.
The homebuyer must repay the Incentive after 25 years, or when the property is sold, whichever comes first. The homebuyer can also repay the Incentive in full any time before, without a prepayment penalty.