UPDATE: CMHC First time home buyer incentive program (easier to buy a home?)

Homebuyer's School

In this episode, we talk with Mujtaba Syed, Mortgage Specialist with the Bank of Montreal, and discuss new information about the First Time Home Buyer Incentive Program from the Canada Housing Mortgage Corporation (CMHC). We discuss who can apply, impact on the mortgage stress test, down payment requirements and how it affects mortgage insurance. We also go through an example of how the Incentive Program works and if it actually makes buying a home for the first time easier.

Prefer to watch the video or read and take notes? See the transcript:

https://stories.brookfieldresidential.com/homebuyersschool/update-cmhc-first-time-home-buyer-incentive-program

We discuss the following items:

• New information about CMHC's First Time Home Buyer Incentive Program and if it makes first time home buying easier
• Who can apply?
• When does it start and for how long?
• Impacts on the Stress Test
• Down payment requirements
• Do you still require mortgage insurance if you use the program?
• We also walk through an example of how the program works

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Web: homebuyersschool.ca