First-Time Home Buyer
I specialize in providing expertise for first-time buyers in Calgary, Alberta and surrounding areas by drawing upon my own experiences.
- Home Buyer’s Plan- can take up to $35,000 (tax-free) from your RRSP and use it towards the down payment of your first home. If there are two applicants, each person can take up to $35,000 each ($70,000 total). If you haven’t owned a home for for years, or are going through a divorce, you are deemed a first-time home buyer and can utilize this program again.
- Stress Test- currently at 4.79%, the rate at which I have to qualify you at.
- Down Payment- minimum is 5% (ideally from your own resources). If you are putting 20% down or more, you do not have to pay the CMHC mortgage default insurance. With COVID, ensure you have an additional $1,500 saved for closing costs (lawyer, home inspector, moving), as well as emergency funds.
- Income- Letters of employment and pay stubs are valid for 30 days.
- Credit- minimum Equifax credit score of 650. You should have established at least two types of credit (e.g credit card + line of credit) reporting for two years with no recent lates, collections, etc.
- Cosigner- Many of my first-time home buyers in Alberta are using an immediate family member to co-sign in order to qualify. A minimum of 12 months must transpire before they can be removed from title/mortgage, so long as you can qualify on your own at that time.
- Renovation Mortgage- click here for more info (add link to Renovation Mortgage Page)
Next Steps- Book your call with me, and you’ll complete a 5 minute mortgage application. Once you’ve uploaded your documents to our secure online portal (bank encrypted) it only takes one business day to get you fully approved!