September 2, the projected launch of the federal government’s First Time Homebuyer Incentive, is fast approaching! Many who are currently in the midst of their home search have been eagerly awaiting this date and keeping a close eye on additional information that is still coming out from the Government of Canada.
Make your first home a Rohit home
In partnership with the City of Edmonton, Rohit Communities is building townhomes for first time homebuyers in various neighbourhoods throughout the city. The First Place Program is an initiative to redefine home ownership and allow a first time home buyer the opportunity to enter the housing market with a financial advantage. Not to be mistaken with low income or subsidized housing, qualified buyers of this program can have incomes up to $117,000 per annum and are looking for a value enhancing investment on their first home. Buyers are offered the opportunity to defer land cost payments for five years interest free, meaning more money goes towards your mortgage principal.
The process of developing the First Place Program in existing mature neighbourhoods includes several public consultations with community members in the surrounding area allowing for feedback, input and debate of any objections to design. Architectural controls are held to only the highest standards – the same that Rohit Communities would offer of any other development. Unused school sites are transformed by seamlessly integrating the new development into the existing area, Rohit Communities will help breathe new life into each First Place community without compromising the character and feel of what has already been there for decades.
Do you qualify?
The First Place Program has certain criteria. In order to be eligible, you:
- Must be able to qualify and obtain pre-approved financing – see your financial lending institution for more details.
- Must be first time home buyer in Alberta
- Applicants must agree to be full time occupants and residents of the home for five years.
- Must have a net personal worth less than $25,000, excluding a primary vehicle, locked-in or group RRSP and the down payment you have saved for the unit
- Must be a Canadian citizen or have permanent resident status.
- Must be employed and have a combined income of less than $117,000.
- Combined income refers to those holding the mortgage and title to the home.
- Applicants may use a “co-signer” to qualify for and obtain their first mortgage approval.
- If you have any questions with the criteria, feel free to contact us by emailing email@example.com
More questions? Please contact Daphne Chan at 780-722-2804 or email us.