Government Mortgage Grants in Canada
Owning a house is virtually anyone’s dream. Whether a first time buyer or otherwise, it is not usually easy to purchase a house with a one-off payment. Mortgage agents and brokers therefore come into play. The importance of a mortgage arrangement is to enable the buyer to structure the payment for the house into affordable premiums over a reasonable period of time. Still this may not be easy for some people leading to seeking grants to enable them purchase the house without digging too deep into their pockets.
The Canadian government gives grants to different classes of citizens to enable then live the dream of living in their own homes. For first time home buyers, the government offers interest free loans to be used as down payment for a desired house. Just like with any other grant, there are requirements and criteria that one has to fulfill for them to qualify for the loan. In this case here, the applicant hast to be at least 18 years old, and they also should not have ownership of any other property.
The maximum grant amount for the first time homebuyer is $9000, which is pegged on the applicant’s income being below a set amount. Other conditions include a maximum price for the house one wants to buy which varies with the area the house is located in. Tied to this as well is the fact that your income has to be within a certain maximum to qualify, depending on the area of residence as well. These set amounts are regularly updated and it’s thus prudent to check with the municipality where the house is located to get a clear understanding of your position vis-à-vis the available grant.
There are other government mortgage grants in Canada as well as rebates though they greatly vary with regions on the whole and municipalities at a more local level. Some of these include the Residential Rehabilitation Assistance Program especially in Ontario where homeowners are encouraged to build ‘extension suites’ in their homes which are then rented out to seniors with low incomes or to people with bodily disabilities. The loan amount goes up to $24000 which as long as the grant requirements are met is forgivable. Similar to this is Residential Rehabilitation Assistance Program for people with disabilities.
There are also grants for renovations and fitting of energy efficient products. The there are grants to do with mortgage insurance as well. All these are pegged on various factors and requirements as well as the localities of the house in question.
To find out available grants within a particular geographical area, you can check out the government mortgage grants in Canada website for more information on whether you qualify.