First-time home buyers may be eligible for a shared equity mortgage with the Government of Canada if they meet specific criteria. With a shared equity mortgage, the government offers you financing without interest. This helps reduce your monthly mortgage payment without increasing your down payment. Through the First-Time Home Buyer Incentive, the Government of Canada offers a first-time home buyer either 5% or 10% of the purchase price of a home based on whether it is new construction or not. You need to repay the incentive after 25 years, or when you sell the property. You can also repay it at any time without a prepayment penalty. The property’s fair market value at the time of repayment will determine the repayment amount. For more information check out: https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive
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