A new program just launched in Canada with the aim of helping first-time home buyers. Appropriately called the First-Time Home Buyer Incentive, or rather FTHBI, eligible home buyers are offered money towards a down payment of up to 10-percent of a home’s purchase price.
In theory, the program helps make home ownership more affordable because it lowers the mortgage carrying costs. It’s important, though, to know not only if you’re eligible, but how exactly the program works.
Your qualifying household income has to be less than $120,000. That’s income plus any investments and rental income. You also have to have at least the minimum down payment and you must not borrow more than four times your qualifying income.
A first-time homeowner