12.5 Questions About CMHC's New First Time Home Buyer Program


We answer the TOP 12.5 questions about the new CMHC First Time Buyer Incentive Program

Housekeeping:
We are learning as the details emerge and as always, details are subject to change.
We refer to the CBC.ca article by Pete Evans on June 17, 2019

The questions answered in this video are:

1. What are the positives of this program?
2. I see the number 10% and the number 5% tied to this program, how do which one I qualify for?
3. When can I take advantage of this new program?
4. Is the government offering me a 10% down payment?
5. In our market place, what type of home does this program get me into?
6. Do I qualify for a 5 or 10% greater purchase price?
7. What is the interest rate?
8. Does the Government then own part of my house?
9. When do I have to pay it back?
9.5 What happens when I sell?
10. What if I sell for less than what I paid?
11. The example in the CBC article says that I could save $75,000 over the life of the mortgage. Is that true?
12. What is the biggest negative of this program?

Click Here for the full CBC News article.