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Deanne Whelan Owner and Mortgage Broker

Deanne Whelan

Owner and Mortgage Broker


Address:
Torbay Rd Mall , 141 Torbay Rd , St Johns, Newfoundland and Labrador

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CMHC announced on March 1 that The First-Time Home Buyer Incentive program will be ending

3/1/2024

The deadline for submitting new or updated applications for the First-Time Home Buyer Incentive is March 21, 2024, at midnight ET.

No new approvals will be granted after March 31, 2024.

Initially designed to alleviate the burden of monthly mortgage payments for first-time buyers, the program involved the government acquiring partial ownership of a property.

Under the program, the government provided a loan of up to 10 percent of the purchase price, which could be put towards a larger down payment, thereby reducing monthly payments.

However, homeowners were required to repay the incentive after 25 years or upon selling the property, with the repayment amount adjusted to reflect changes in the property's value.

Source: https://www.cmhc-schl.gc.ca/consumers/home-buying/first-time-home-buyer-incentive

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Scotia Bank TD Bank First National EQ Bank MCAP Merix
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Lifecycle Mortgage ICICI Bank Radius Financial HomeEquity Bank CMI Bridgewater
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