We’re always excited to share information with first time buyers that will help them in the home buying process! It’s a big step in their life with many moving parts so anything we can do to make it more accessible is a win. Read our latest blog as we go through the new deposit structure at OH! Towns in Oshawa that makes homeownership that much easier.
If you’ve been looking for an affordable way to own your first home, look no further! The new deposit structure at OH! Towns splits up payments into smaller, easier-to-handle pieces throughout the first 10 months. This allows new home buyers to have the opportunity to save up their hard-earned cash to build a nest egg.
How Does the Deposit Structure Work?
Let’s get down to the nitty-gritty of the deposit structure. When you sign for your new OH! Towns home you will be expected to pay $5,000. After that, you have a month (30 days) after which 5% of the purchase price of the new home is due.
After this, the payments go down to $1,000 a month for the next 10 months! Imagine everything you can do with those extra savings.
Once this period is complete, homeowners are required to make a further payment of 5% of the home’s purchase price as well as the $1,000 monthly fee. This new deposit structure will help to get you into a new home quicker than you ever expected!
How the New Federal Incentive Can Help
We also want to remind you that the federal government is taking steps to make home ownership more affordable for new buyers with their First-Time Home Buyer Incentive! The Canada Mortgage and Housing Corp. (CMHC) helps to create smaller mortgages with the incentive that will, in turn, keep monthly payments lower. In the agreement, they will pay 5% of the purchase price for an existing home, and up to 10% for the value of a new home, in exchange for an equity stake in the property. Be sure to check out the CMHS website to learn more about how you can get help with your first home purchase!
There are so many different reasons to look at OH! Towns for your first home purchase, and with this new structure in place, you can’t go wrong. For more information about this new community, our new deposit structure, or any other home information be sure to reach out to Falconcrest Homes!Tags: First Time Home Buyers, First Time Home Owners, OH!Towns, Savvy Buyer