Who qualifies for a first time home buyer mortgage?thehomemortgage
Buying a home is a big step! Do you qualify for the benefits of being a First Time Home Buyer? Find out below!
Home is where the heart is, where the memories are made, and it is almost a feeling of belonging somewhere. A lot of us have to keep shifting this feeling from one location to another because we don’t own it. To most the idea of owning a home seems far-fetched. But this dream can become a reality with the help of home mortgages!
Do you qualify for a first time home buyer mortgage?
Most people assume that being a first time home buyer means never having a home at all. That is just one of the categories. There is a little twist to the title!
- You have never owned a home
- You have not owned a home in the previous three years or more.
To qualify for the benefits of first time home buyer mortgage programs you have to check either of the two above boxes.
What are the benefits of being a first time home buyer?
When you are a first time home buyer, there are a lot of mortgage plan and programs available to facilitate you financially. This is mainly because you pose less of a risk than someone who has been borrowing for quite some time.
The loans that you can qualify for are:
- First time home buyer’s tax credit (HBTC)
- Home buyers Plan (HBP)
- GST/HST New housing rebate
These are the general grants that the government of Canada offers nationwide. There are more state specific loan programs which help you to achieve your dream of home ownership faster!
The other benefits of being a first time home buyer include the fact that you could get lower rates than other borrowers. You could also be eligible for special discounts and grants. Better plans and more willing lenders are also an added benefit!