First time home buyers incentives 

First time home buyers incentives 
The Canada Mortgage and Housing Corporation (CMHC) has announced the immediate termination of its first-time homebuyer incentive program.

The program’s final deadline for new or revised applications is March 21, with the cutoff set at midnight Eastern Time.

Initially designed to aid first-time homebuyers in reducing their monthly mortgage expenses, the initiative involved the government acquiring a partial stake in properties through a loan covering up to 10% of the home’s purchase price. This facilitated larger down payments and lower monthly payments.

Participants were obligated to repay the incentive within 25 years or upon the property’s sale, with the repayment amount adjusting based on the property’s value fluctuations.

Despite its aims, the program encountered various challenges, particularly concerning eligibility criteria. 

#CMHC #FTHBI #RemaxMillennium #FirstTimeHomeBuyersIncentive

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