CMHC “Shared Equity Program” for Home Buyers Released in the Federal Budget March 19th
The Federal Finance Minister Released in his March 19th Budget a New CMHC Program to assist New Home Buyers with their mortgage payments. All of the detail have not been released yet however will be over the next few weeks. This program is aimed at new home buyers to reduce their mortgage and therefore their monthly payments.
How the program is set to work is a home buyer will potentially receive 5%-10% of their purchase price in a “loan” applied to their mortgage at the onset of the purchase that reduces that mortgage amount. Although it looks somewhat great it is limited to new home buyers, the 10% is for New Home Purchases Only with the 5% for purchase of existing homes. Your combined family income can not be over $120K per year. How this Shared Equity Loan is required to be paid back, and it for sure is, has not been determined as of yet. There are other stipulations within the program that will take time to unveil. We will keep you posted however overall this is a very limited program that is targeted for a specific buyer!!!