Government Programs for Home Buyers
Purchasing your first home can be incredibly exciting, whether you're doing it on your own, with a new spouse, or with your family. Here at AKALMortgages, we have 15 years of experience helping first-time home buyers with their Mississauga and Brampton mortgages. As this is one of the largest investments you will likely make, it is very important to be thorough and well-informed on the resources that are available to you.
There are a number government programs available to home buyers, including:
- First-time home buyers' credit
- RRSP home buyers' plan (HBP)
- 5% down payment program*
- HST new housing rebate
- Land transfer tax rebates
*New Down Payment Rules as of February 2016:
5% down payment is available for homes up to $500,000 purchase price.
Homebuyers will have to put 10% "on the portion" of the price over $500,000.
For example: On a purchase price of $700,000, minimum down payment will be calculated as below:
5% on the first $500,000 = $25,000
10% on the next $200,000 = $10,000
A total of $25,000 + $10,000 = $35,000
We truly want to help you achieve your dream of homeownership by making the process as stress-free as possible. Call us today at (416) 621-1300 to speak with a professional from our team at AKAL Mortgages.