HOW IT ALL WORKS…
The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens.
1. Learn About the Program
- Calculate your maximum purchase price and what you could receive as an incentive.
- Review program details.
- Start looking for a home.
2. Determine Your Eligibility
- Contact a lender/mortgage professional
- Review program requirements and ensure that this is for you.
- Try the self-assessment tool.
3. Choose Your Incentive and Apply
- Review the details and select the incentive that is right for you.
- Read, print and sign the application documents in the resources section and take them to your lender.
- Application submissions will be completed by your lender.
- Notify your solicitor.
- Call the 1-800 number to activate.
- Early payout options in full are available at any point in the duration of the 25 years.
- Learn more about fair market value and how this will help you calculate repayment.
- Calculate the fair market value of your home and multiply it by the percentage of the Incentive you received.