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Ontario First-Time Home Buyer Programs - Which Ones can you Benefit From?
FTHB – what does it mean?

Are you a First-Time Home Buyer in Ontario? There are many programs in place for you – you will find them here!

FTHB is short for First-Time Home Buyer.

FTHB’s make up a large portion of the market today; with as little as 5% down you can buy a home albeit home prices have risen over the years making the 5% a challenge.

When you partner with a mortgage professional, you have access to lenders who offer zero-down mortgages and for some, this makes sense. You need to understand all of your options and that is the key, you need options!

As a FTHB there are many programs available today that will save you money, it is so important to take advantage of these because you are only a FTHB once! We are surprised at the lack of knowledge about all of the programs and incentives available and unfortunately, many FTHB’s miss out.
Here are some of the programs available if you qualify*:

RRSP Home Buyer’s Plan – able to withdraw up to $25,000 per person from your RRSP tax-free to put towards a down payment
Land Transfer Tax Rebate – up to $2000 in Ontario plus up to a maximum refund of $3,725 if buying in Toronto
First-time Homebuyers’ Tax Credit – this works out to a rebate of $750, the credit must be claimed within the year of purchase.

*There are many qualifying factors such as minimum age, if you or your spouse have ever owned a home together or separately so it is important to know the facts. These programs are in place to help with the cost of purchasing a home at the time of closing and at tax time.
There is a lot of information when buying a home if you are a First-Time Home Buyer , in addition to these government incentives, it makes sense that home buyers seek the advice and guidance of a mortgage professional who will explain all of the options, terms and work out a budget so that home ownership is an enjoyable experience.

 To speak to an Agent call 416-896-3333

For our list of Affordable homes and Condos under $350,000 Click here

Posted: Monday, May 6, 2013 11:38 AM by Sutton Realty


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