04/06/2021
What are the eligibility criteria for a First-Time Home Buyers’ Incentive?
Like any other government policy, you need to meet some requirements to be eligible for this type of incentive as well. Have a look at the criteria below to have a better idea of where you stand:
buyer
You will have to be a permanent or a non-permanent resident of Canada who can legally work in the country
You must pay the minimum downpayment for any property, that is 5% of the total cost, and you cannot use unsecured loans as a downpayment.
Your annual income should be $120,000 or less (this clause is subjected to the minimum requirement set out by the lender.
The borrowing limit will be equal to four times your income
The mortgage should be eligible for mortgage insurance through CMHC
The property should be located in Canada and it should be suitable for a year-around living
If the property is being purchased by a couple at least one person should be a first time home buyer
Manny Sharma
416-564-6062
Mortgage Underwriter
Triple M Mortgages Inc.
