While it may sound like an answer to prayer, this new program isn’t for everyone.
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The program lends homebuyers up to 5% of the purchase price of an existing home or up to 10% of the purchase price of a new home, which they can put toward the down payment. AYou’ll have to pay the loan back — in one lump sum — when you sell the property or after 25 years, whichever comes first. Is that a good deal? Well, before you sweat over the decision, you should know only a narrow subsection of buyers can actually qualify for the incentive and realistically use it to buy a home.Obviously, you count if you’ve never purchased a home before, but you would also be considered if you haven’t lived in a home owned by you, your spouse or your common-law partner in the last four years. You may also be considered if you recently divorced your spouse or broke up with your common-law partner.
However, you’re also limited by the size of the down payment itself. You can’t use a FTHBI loan to help increase your down payment to 20% or more. Second, you may be forced to pay additional fees. You’ll probably have to pay your lawyer extra because they’re basically closing two mortgages, and you may need to get your home appraised to know how much to repay the government.
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