Hi everyone its Ryan Taylor from RyanTaylorRealEstate.com and Sutton West Coast Realty. Had some big news come through from the federal government recently. They’re going to try and help out some first-time homebuyers and they’re gonna do it through a 25-year loan. Now this loan for the first five years is interest-free, so you basically get a down payment for free for five years in order to purchase a great news for first-time homebuyers!!! There are rules to be approved and rules to the loan itself. The maximum amount that they’re going to loan you is $37,500 or five percent total purchase price, and that purchase price has to be under $750,000. You still have to be approved like you would with any normal mortgage they’re just gonna help you with the deposit so long as you can get approved for a mortgage. Also, you have to have less than $150,000 a combined income if you’re going to be purchasing with someone and $150,000 dollars income otherwise they won’t approve you….so if you’re making $300,000 yearly, you probably can afford it anyways lol. For the average first-time homebuyers it’s been tough for them to get into the market and the federal government obviously recognizes this with the recent increases in prices and that’s why we’re seeing interest-rate increases and now free loans for five years to help first-time homebuyers.
So if you’re looking to purchase.. could be a great time! The is suppposed to be effective January 16, 2017 so you can’t apply for it now but if you have any questions or, you want to get ready for the new year feel free to give me a shout or look at the picture down below this video in my blog and it’ll give you an idea of what kind of process you have to go through in order to obtain this free loan!
Feel free to contact Ryan Taylor from RyanTaylorRealEstate.com
Happy Holidays and look forward to hearing from you soon 🙂