BuyersMortgage News First-time homebuyers can apply for incentive program in 5 days by admin August 28, 2019August 29, 2019 August 28, 2019August 29, 2019 The Federal government’s incentive scheme for first-time homebuyers is about to go live with applications open from next Monday. The First-Home Buyer Incentive enables eligible buyers with incomes of up to $120K to reduce mortgage payments without increasing the amount needed for a down payment. The incentive is available to buyers of new or existing homes and new or resale manufactured/mobile homes. The incentive is 5%, with a 10% option for new constructions. A participant’s insured mortgage and the incentive amount cannot be greater than four times the participant’s qualified annual household income. Homebuyers should be aware that using the incentive means that the government will share in both upside and downside changes in the property’s value. The incentive must be repaid when the home is sold or after 25 years, whichever is sooner. How much can be saved? Without FTHBI With FTHBI Without FTHBI With FTHBI Without FTHBI With FTHBI House Price $ 200,000 $ 200,000 $ 350,000 $ 350,000 $ 500,000 $ 500,000 Down Payment 5% $ 10,000 $ 10,000 $ 17,500 $ 17,500 $ 25,000 $ 25,000 FTHBI (10%) N/A $ 20,000 N/A $ 35,000 N/A $ 35,000 Insured Mortgage $ 190,000 $ 170,000 $ 332,500 $ 297,500 $ 475,000 $ 427,000 Insured Mortgage + Insurance Premium $ 197,600 $ 174,760 $ 345,800 $ 305,830 $ 494,000 $ 436,900 Monthly Payment $ 989 $ 875 $ 1,731 $ 1,531 $ 2,473 $ 2,187 Monthly Savings $114 $200 $286 Yearly Savings $1,372 $2,401 $3,430 About Nest and Castle Nest & Castle Inc is a leading edge real estate brokerage based in the heart of the Greater Toronto Area (GTA). We provide creative solutions and strategic advice on all aspects of the real estate industry. Our mix of conventional real estate techniques and forward-thinking technologies makes the buying or selling of your home, an easy and enjoyable experience. Search Exclusive New Developments Looking for your Dream Home? Sell Smarter With Data. It's The Future. 0 comment previous post New GTA home sales sizzled in July says BILD next post 2020 Rent Increase Guildlines: What it means for Investors You may also like GTA Condo Buyers Looking for Advantages January 10, 2019 RRSPs vs. homeownership February 21, 2019 DETERMINING MORTGAGE AFFORDABILITY – CREDIT SCORE July 3, 2019 First Look: Thirty Six Zorra August 14, 2019 These Are the Top Ontario Sellers’ Markets December 4, 2018 Record-low Supply and Interest Rates Fuel Record October... October 3, 2020 Where the most (and least) expensive condo areas... January 10, 2019 What Was the ROI on Canadian Real Estate... January 10, 2019 RRSP Home Buyer’s Plan: The Good, the Bad... November 4, 2018