1st Time Homebuyer 5%?

[piscean5]

Hi All
I will be moving permanently to canada (Calgary) from US in next few months. Planning to buy a house as early as possible. Heard that first time homebuyers are eligible to pay 5% of down payment on first 500k, if bank approves
Questions

1. What are the conditions or other restrictions of this program?

2. Does a house in US prohibit me from availaing the first time buyer advantage?

Thanks in advance

 

[zardoz]

Hi All
I will be moving permanently to canada (Calgary) from US in next few months. Planning to buy a house as early as possible. Heard that first time homebuyers are eligible to pay 5% of down payment on first 500k, if bank approves
Questions

1. What are the conditions or other restrictions of this program?

2. Does a house in US prohibit me from availaing the first time buyer advantage?

Thanks in advance

Generally speaking, a "first time buyer" must have never owned an interest in a principal residence anywhere in the world at any time.

 

[ALRIVAS]

Hi zardoz you can only qualify for 5% downpayment technically speaking if your credit score is over 700 beacon score lived in the country for at least 2 years and have a stable job for 2 years.
As I said technically speaking,all mortgage applications are treated individually,in the past some of my clients bought with 5% with a year after they arrived.
The main things to purchase a home with low downpayment are good credit and good job.
For more info go to alrivas .com all info for new buyers is there.
Don't forget there are closing costs that can go up to 4% of the value of the property depending on the city you buy your house and I'm speaking only in Ontario where I'm licensed.

 

[zardoz]

Hi zardoz you can only qualify for 5% downpayment technically speaking if your credit score is over 700 beacon score lived in the country for at least 2 years and have a stable job for 2 years.
As I said technically speaking,all mortgage applications are treated individually,in the past some of my clients bought with 5% with a year after they arrived.
The main things to purchase a home with low downpayment are good credit and good job.
For more info go to alrivas .com all info for new buyers is there.
Don't forget there are closing costs that can go up to 4% of the value of the property depending on the city you buy your house and I'm speaking only in Ontario where I'm licensed.

You are replying to the wrong person and I suspect that the OP would not be eligible for "first time buyer" status anyway. I wasn't, under similar circumstances in Ontario.

 

[ALRIVAS]

Sorry about that.
Regarding your question 5% downpayment apply to everybody that (qualify) not first time buyer only,land transfer $2000 rebate yes only to first time buyer.