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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.

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