Housing Incentive Programs....resolving the misconceptions!

Recently I over heard a conversation between a fellow agent and his client, they we discussing some of the ins and outs of home buying.  The client asked if there were any first time home buyer options or benefit programs that they may qualify for.  The agent responded...."oh no not really and even if there were you would have to make like 20,000 to qualify anyway!."  This comment made me very interested in understanding what the options for clients really are as I believed this agents comments to be untrue.

A quick Google search brought me to the City of Saskatoon website to the Incentive for Home buyers page.  Basically there are two options for home buyers in Saskatoon, Mortgage Flexibilities Support Program and the Equity Building Program.

The Mortgage Flexibilities Support Program was created by the City of Saskatoon, Canada Mortgage and Housing Corporation (CMHC) and Saskatchewan Housing Corporation.  A 5% down payment grant from the City of Saskatoon and mortgage loan insurance from CMHC or Genworth Financial will go a long way in helping people achieve home ownership.  To qualify the Maximum income for Singles/Couples can be no greater than $66,500/annually or $74,000 for Households with Dependent's. As you can see this is a far cry from the 20,000 the agent had referenced to his client.  To make this achievable and affordable this program is only available for select developments within the city:

The Equity Building Program will helps those with a household income up to $80,000/annually to secure a down payment loan of up to 5% toward the purchase of an entry level home.  This loan must be repaid over 5 years and to qualify you must be currently renting in Saskatoon.  This program is offered in partnership with Affinity Credit Union.  Again the $80,000 is a far cry from the $20,000 the other agent had referenced to his client.

For my sake I am glad that I was able to overhear this conversation as it gave me the incentive to do my research.  This is information I will be able to share with all of my clients and share I will!

If you or anyone you know could benefit from either of these programs please contact.

Rhonda Lavoie
Hallmark Realty and Associates Ltd
Cell: (306) 321-7299

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