First Time Home Buyer With Bad Credit Canada. There are a few criteria that you ll need to meet. You can claim 5 000 for the purchase of a qualifying home in the year if both of the following apply.
The first time home buyer incentive helps qualified first time homebuyers reduce their monthly mortgage payments without adding to their financial burdens. It helps offset legal fees inspections and other similar closing costs. To apply for the first time home buyers program select or enter exemption code fth on the property transfer tax return.
Minimum 620 credit score.
If you have bad credit you don t have to let it define you. There are a few criteria that you ll need to meet. The home buyers amount hba is a non refundable credit that allows first time purchasers of homes and purchasers with disabilities to claim up to 5 000 in the year when they purchase a home. Under the program the government will contribute 5 or 10 of the home s price towards your downpayment in exchange for the same amount of equity in your home.