First-Time Home Buyer Incentive: Who Qualifies and What You Get
Understand how this shared equity mortgage works to help first-time buyers lower their monthly payments.
This program is a shared equity mortgage designed to help first-time buyers lower their monthly mortgage payments.
Who it's for
This incentive is available to first-time buyers. To be eligible, your household income must be under $120,000.
What you get
The benefit is a shared equity mortgage. This type of arrangement helps make homeownership more accessible by lowering the amount of monthly payments you are required to make.
What it costs you
To use this incentive, you must have a down payment. You will also need to provide the necessary documentation to prove your household income meets the requirements.
The catch to know
Because this is a shared equity mortgage, you must repay the government's share. This repayment is required when you sell your home or after a set period of time.
How to apply
- Confirm that your household income is below the required limit.
- Verify that you meet the definition of a first-time buyer.
- Check the official requirements for the necessary documentation.
- Contact the issuing agency for guidance on the application process.