Acquaintance looking into 1st time home buyer grant from CMHC
A work colleague mentions that they qualify for 500k mortgage based on income...they have 5% as downpayment. i.e.
House they're looking at is 500k
person has 5% DP
Debt: none
Work: secure
Salary: 110k
How can the 1st tme home buyer grant help this person? Understanding that CMHC will be entitled to 5%, 10% of the sale/appraisal when sold or in 25yrs.
Pros and cons please.....and is it even worth going down this route, and what's the process involved?
House they're looking at is 500k
person has 5% DP
Debt: none
Work: secure
Salary: 110k
How can the 1st tme home buyer grant help this person? Understanding that CMHC will be entitled to 5%, 10% of the sale/appraisal when sold or in 25yrs.
Pros and cons please.....and is it even worth going down this route, and what's the process involved?
