skip to Main Content

Mortgage 101: Qualifying as a First Time Home Buyer

Talking About Qualifying as a First Time Home Buyer

Talking About Qualifying as a first time home buyer. Don’t feel like listening? Check out the audio transcript below.

Talking First Time Home Buyers

Todd: [00:00:01] Shirley what’s your question for Clinton?

Shirley: [00:00:04] Hi. I sold my home approximately 10 years ago. And would I ever be considered a first time home buyer again?

Clinton: [00:00:11] Great question. Good. This is a really good one. Typically we consider someone a first time home buyer if they haven’t owned a home for five years and they have not owed anything to their first time home buyers RRSP plan for the last full year. So, if you have your RRSP piece paid back that you’ve may have borrowed down the road for at least a year and you haven’t owned a house for five years, you’re a first time home buyer.

The federal government, in the budget, actually has changed things as well. If you’ve gone through a divorce or separation you can also become a first time homebuyer right away again. So, there’s lots of good solutions for first time home buyers. And they’ve actually increased the amount you can borrow from your RRSP from $25,000 to $35,000 for an individual. And that would mean $70,000 for a couple. So, lots of good solutions there.

It is Possible!

Todd: [00:00:56] Wow you nailed that. Thank you Shirley. I didn’t know that, both the divorce or separation, which is good news for me.

Clinton: [00:01:02] People get separated everyday, right Todd?

Todd: [00:01:04] I’m in that situation, to be quite blunt, and that’s good to know.

Clinton: [00:01:08] Over 50 percent of Canadians are becoming separated or divorced.

Todd: [00:01:10] So, I could use so I could use a portion of my RRSP and not pay tax on that then?

Clinton: [00:01:14] Up to $35,000.

Todd: [00:01:16] Wow, that’s interesting.

If you have any questions about mortgages for the self-employed, get in touch with us here.

1. The “Fall Into Homeownership Giveaway” (the “Contest”) runs from 08:00:00 a.m. AST on September 6th, 2020 (the “Contest Starting Date”) to 5:00:00 p.m. AST on September 18th, 2020 (the “Contest Completion Date”). The Contest will have a series of prizes including:

  • One (1) daily prize draw for two (2) ticket vouchers for a future Halifax Wanders game (the “Daily Prize”) starting on September 8, 2020. The Daily Prize is valued at $65.00 CAD. There are no cash alternatives or substitutions.
  • Two (2) weekly prizes (the “Weekly Prize”) for a pair of season tickets with draws occurring on September 11, 2020, and September 18, 2020. Each Weekly Prize is valued at $450.
  • One (1) grand prize (the “Grand Prize'') that includes hotel accommodations, a restaurant gift card, and a Halifax Wanderers swag bag including two (2) game vouchers for a future Halifax Wanderers. The Grand Prize is valued at over $500.00 CAD. There are no cash alternatives or substitutions.

    2. Submitting this form implies consent to subscribe to our emails and mobile phone alerts. Subscribers may opt-out at any time. 

    3. SMS message and data rates may apply. Text HELP to 68411 for help, text STOP to 68411 to end. By opting in, I authorize the seller to deliver messages using an automatic telephone dialling system and I understand that I am not required to opt-in as a condition of entering the Contest.

    4. Participants will receive one (1) contest entry for signing up to email and/or mobile phone updates. This is limited to one entry per person through the online sign up form.

    5. Participants may have the opportunity to earn additional entries and any details will be announced from time to time if available.

    6. The Grand Prize is valued at $500.00 CAD. There are no cash alternatives or substitutions.

    7. Participants must be 18 years of age at the time of contest entry and reside in Nova Scotia, Canada.

    8. By entering this Contest, all entrants consent and agree to the use of their name, address, likeness and photo for any advertising, publicity and marketing purposes by the Sponsor, without compensation.

    9. By entering, all eligible participants agree to abide by the rules and conditions outlined above.

Subscribe to our newsletter

Sign up here to get the latest news and updates from Clinton Wilkins Mortgage Team.

You can unsubscribe at any time.

Normally you can find this at retail stores across Halifax and Dartmouth, but we wanted to make it even easier for you to get a copy.

The entire guide is available online to view or download, and to make sure you’re staying safe at home, you can now request a print copy by mail, free of charge, anywhere in Nova Scotia!