First-Time Home Buyer Incentive set to help Peace Country buyers
A new program being rolled out by the federal government is helping ease the burden on first-time home buyers.
Starting September 2, households that earn $120,000 per year or less will be eligible to apply for a shared equity loan from the federal government, known as the First-Time Home Buyers Incentive.
Under the program, the government would provide an additional five percent on top of the five percent down payment, going up to 10% for new builds, as a way to lower mortgage payments for first-time buyers. The price of the home cannot exceed four times the qualified household income.
The loan would be offered interest free, be payable within 25 years or when the house is sold, and have no payment-plan during that time. There will also be no penalty on early payouts.