Conexia Mortgage
5 Richard Way SW # 300 T3E 7M8 Calgary, AB, Canada

The full details on this change to qualifying are not clear yet. However, we believe this change will lower the qualifying interest rate on insured mortgages - making qualifying easier for borrowers with less than 20% down payment. https://business.financialpost.com//mortgage-stress-test-c

Happy New Year!Happy New Year!

Regarding the first time buyer program, the details were released last week. To clear up some of the confusion and specify the requirements and guidelines, below are key dates for program role out and points to be aware of: Important Dates: The first date purchases are eligible to qualify for the home buyers incentive are September 2nd. The first closings on the program are November 1st.... Buyers who purchase a property prior to September 2nd are not eligible for the program, even if the closing happens after September 2nd. Buyers that are eligible: First time buyers must have saved at least the minimum 5% down payment. To count as a first time buyer, client, or their spouse cannot have owned a property in the last 4 years. Technically they could have owned a home before to qualify for the program, but not within the past 4 years. Qualifying buyers can get a loan for 5% of the purchase price on an existing home, or 10% if purchasing a new home. How the program works: The loan is paid back when the property is sold or 25 years after purchase date, whichever comes first. The loan is interest free. The Government will share in the equity increase or decrease Maximum amount of the mortgage is 4 times household yearly income. For a couple earning combined $100K a year, maximum mortgage amount eligible is $400,000. Maximum family income to qualify is $120K. First time buyers earning more than $120K are not eligible for the program The loan amount from the government is registered as a second mortgage on the title of the property An example of how the program works is, buying an existing property for $300,000, receiving 5% incentive, $15,000. Property appreciates in value to $400,000 and is sold. The owner has to repay the government 5% of the sale price of the home. In this example, they have to pay back $20,000 to the government upon sale of the home (5% of $400K) Same requirement if the property loses value. Buy for $300,000, receive a 5% loan, $15,000. Property depreciates in value to $250,000 and is sold. The borrowers owes the government 5% of the sale price $12,500 (5% of $250K). Less than the original amount they borrow, due to the property value decreasing. Please contact us with any questions.

Aspen is the first new oil sands development to be approved since 2013 - maybe this will help the Alberta economy and real estate too.

Are you looking to buy a home and are self employed? CMHC is making it easier to qualify as self employed this fall - Ask us how this might help you get into the house of you dreams call today 403-214-0444 or www.conexia.ca