The First Time Home Buyer's Incentive (FTHBI) makes it easier for you to purchase a home and lower your monthly payments on your mortgage. If you were to use this program, you would essentially be entering a "shared equity program" in which the government provides you money up front to buy the home in exchange for a repayment in the future when you sell the home. 

DETAILS:

- Government will give you 5-10% of the property's market value for a down payment.
- It is a second mortgage on the property.
- Repayment must be made after 25 years, or if the property is sold - whichever is first.
- Repayment is the incentive amount given, plus or minus a maximum gain or loss of 8% per annum (not compounded) on the incentive amount from the date of advance to date of repayment.

YOU ARE A FIRST TIME BUYER IF:

- You have never purchased a home before
- You did not occupy a home that you or your current spouse or common-law partner owned in the last 4 calendar years
- You have recently experienced the breakdown of a marriage or common-law partnership (even if you don't meet the other requirements)

OTHER REQUIREMENTS:

- Total income is under $120,000
- Your total borrowing is not more than 4x your qualifying income.
- You or your partner is a first time home buyer
- Canadian citizen, permanent resident or non permanent resident authorized to work in Canada
- You meet minimum down payment requirements with traditional funds
- First mortgage is greater than 80% of the value of the property.

WHICH HOMES QUALIFY?

- Any home that is less than 4 units
- Property is located in Canada
- Full time, year round occupancy available

For more information; please visit the Government of Canada website here.