If owning your first home still seems beyond your reach, think again.

Over the next 3 years, the Government will be funding $1.25 billion in shared equity mortgages. With an additional 5% or 10% put toward the value of a new home, this incentive can help up to 40,000 people become first-time home buyers. 

How do first-time home buyers qualify for a shared equity mortgages?

If you have yet to purchase your first home, have gone through the break-up of a marriage or common-law partnership, or have not lived in a home occupied by the homeowner or their spouse within the last 4 years, you may qualify.  Here are the other program requirements:

  • 5% down payment has been secured
  • Insured mortgage approval
  • Household income of $120,000 per year, or less
  • Homeowner occupancy
  • Canadian citizenship, permanent residency or persons who are legally authorized to work in Canada 

What are the benefits of a shared equity mortgage?

With so many lending options, there are some real benefits to a shared equity mortgage, including:

  • 0% interest accrued
  • Monthly payments are reduced, saving up to $3100 per year
  • Pay it back after 25 years, when you sell your home, or anytime you choose - without penalty
  • If the value of your home increases, the repayment increases. If the value of your home decreases, the repayment decreases. 

Ask the Stepper Team about this program today!