First Time Home Buyer

First time home Buyer

                                    first time home buyer Lakhvinder Gill surrey BCAre You new to Canada ?

First time home Buyer – You have dreamed about it, planned for it, and you’re ready to make the biggest financial decision of your life! We can help you open the door to home ownership and a better future. Investing in your own home really is like investing in yourself.

We are here to answer your questions – Whether you are recently graduated, just married or simply tired of throwing your money away every month on rent. Remember, we work for you, not the banks or other lenders so you get unbiased advice.

Talk to us before you start looking for your first home.

There are programs to assist new residents in arranging a mortgage in Canada.  The following is some information from CMHC, one of the insurers for this program that is used by several lenders.

For permanent residents, where there is limited Canadian credit history and where foreign credit bureaus are not available, CMHC continues to consider alternative sources of payment history for Loan-to-Value ratios between 80.01% and 95%.

Newcomers with non-permanent resident status have access to CMHC- insured financing of up to 90% loan-to-value ratio for the purchase of a 1 unit owner-occupied residential property.

No additional fees or premiums as a result of residency status – standard product specific premiums apply.

There is No minimum period of residency required.

Qualifications for first time home Buyer

The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.

The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada. It offers:

  • 5% or 10% for a first-time buyer’s purchase of a newly constructed home
  • A 5% for a first-time buyer’s purchase of a resale (existing) home
  • 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home

The Incentive’s shared-equity mortgage is one where the government has a shared investment in the home. As a result, the government shares in both the upside and downside of the property value.

By obtaining the Incentive, the borrower may not have to save as much of a down payment to be able to afford the payments associated with the mortgage. The effect of the larger down payment is a smaller mortgage, and, ultimately, lower monthly costs.

The home buyer will have to repay the Incentive based on the property’s fair market value at the time of repayment.

If a homebuyer received a 5% Incentive, they would repay 5% of the home’s value at repayment.

If  he received a 10% Incentive, they would repay 10% of the home’s value at repayment.

The homebuyer must repay the Incentive after 25 years, or when the property is sold, whichever comes first.

The new immigrant Home buyer can also repay the Incentive in full any time before, without a pre-payment penalty.


If you are buying home for the first time pls contact Mortgage Broker – Mr Lakhvinder Gill or Call  –  (604) 725-6734

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