First Time Home Buyer
First Time Home Buyer Resources & Help
Determining Your Budget & Resources
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Decide if Homeownership is Right for You
Buying a home is a big decision, it could mean paying a little more per month with big returns. Ask yourself:
- Am I financially stable?
- Can I budget to pay a little more than my current costs.
- Do I have the credit scores to qualify for low interest rates?
Minimum Down Payment
$500,000 or less
- 5% of the purchase price
$500,000 to $999,999
- 5% of the first $500,000 of the purchase price
- 10% for the portion of the purchase price above $500,000
$1 million or more
- 20% of the purchase price
As an example a house that costs $650,000:
$500,000 x 5% = $25,000
$150,000 x 10% = $15,000
$25,000 + $15,000 = $40,000
You would need $40,000 down payment plus legal fees etc.
If you are self-employed, banks may ask for a bigger down payment.
Other Upfront Costs
Home Inspection
Land Transfer Tax
Legal Fees
Moving Costs
Mortgage Agents
If you have a really high credit score and a big deposit then you could go through your Bank, However if you are self-employed or need some help getting a good rate then I would recommend going through an Agent.
PoloLoans (Right At Home Realty Inc., Brokerage) Patnered Brokers
First-Time Home Buyer Incentive
The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.
It offers:
- 5% or 10% for a first-time buyer’s purchase of a newly constructed home
- 5% for a first-time buyer’s purchase of a resale (existing) home
- 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home
PATRICK NOOR, REALTOR
Right At Home Realty Inc., Brokerage
