The Canadian First-Time Home Buyer Incentive (FTHBI) was designed to help make homeownership more accessible for first-time buyers by providing shared-equity loans. However, as of March 31, 2024, the program is no longer accepting new applications. So, what does this mean for you?
Explore Alternative Programs: While the FTHBI is no longer available, there may be other government initiatives and regional programs to assist first-time home buyers. Check with your local housing authority for the most up-to-date options.
Reassess Your Budget: Without the shared-equity loan, you might need to adjust your budget and savings goals. Work with a financial advisor to determine how much you can afford and develop a realistic plan for homeownership.
Consider Market Conditions: With the housing market constantly changing, stay informed about current trends. This knowledge can help you make more strategic decisions about when and where to buy.
Strengthen Your Financial Position: Focus on building your credit score and saving for a larger down payment. A solid financial foundation can improve your mortgage terms and make you a more attractive buyer.
While the end of the FTHBI might seem daunting, you can still achieve your dream of homeownership by exploring other avenues and focusing on your financial health. Stay informed and proactive, and you'll find the path to your new home.
Have more questions? Contact Arise Mortgage for personalized advice and assistance tailored to your unique needs. Our team of experts are here to help guide you through the home buying process and find the best solutions for your financial goals.