Are you a first-time home buyer in Alberta, Canada, looking for ways to make the home-buying process more affordable? The First-Time Home Buyer Incentive (FTHBI) was launched by the Canadian government to help eligible homebuyers reduce their monthly mortgage payments and enjoy substantial savings over time. In this article, we’ll take a closer look at the First-Time Home Buyer Incentive (FTHBI), its eligibility criteria, and how you can use the first-time home buyer incentive calculator to estimate your potential savings.
The first-time home buyer incentive (FTHBI) is a shared-equity mortgage program offered by the Canada Mortgage and Housing Corporation (CMHC) to eligible first-time homebuyers. The government provides interest-free loans of up to 10% of the purchase price, and in return, they share in any gains or losses of the property value. This means that the amount you could receive depends on the property type you’re planning to purchase, up to a new cap of 8%.
To be eligible for the First-Time Home Buyer Incentive (FTHBI), you must meet the following requirements:
The first-time home buyer incentive calculator is a handy tool that can help you estimate your potential savings with the First-Time Home Buyer Incentive program. The calculator takes into account your purchase price, down payment, and other factors, and then calculates your potential monthly payments and savings.
The calculator will help you determine your maximum eligible mortgage amount, the maximum amount of the First-Time Home Buyer Incentive shared equity mortgage, and your estimated monthly mortgage payments. To use the calculator, you will need to enter your regional details, financial details, and mortgage information.
The First-Time Home Buyer Incentive (FTHBI) is a valuable program for eligible first-time homebuyers in Alberta looking to reduce their monthly mortgage payments and enjoy substantial savings over time. To determine if you’re eligible and estimate your potential savings, you can use the first-time home buyer incentive calculator.