First-Time Home Buyers incentive has launched
The CMHC First-Time Home Buyer Incentive (FTHBI) helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without increasing their down payment.
The FTHBI could be of great value when leveraged with the right mortgage solution from B2B Bank.
Your client may be eligible if:
- Qualified as a first-time homebuyer under Canada Revenue Agency’s definition
- They have a minimum down payment of 5% or more
- The total qualifying annual income1 is no more than $120,000
- The total amount borrowed is no more than four times the qualifying income
Note: Terms and conditions may apply.
- Program launch September 2, 2019
- First funding date November 1, 2019
Additional application steps:
- Ensure that you submit the signed client consent form including the FTHBI attestation
- Please indicate in the comments that your client is applying for the FTHBI
We’re here to assist you.