How to get into the housing market...
It's a conversation that comes up around kitchen tables all over Saskatchewan, especially among millennials - how to get into the housing market?
Well, there's a new program being offered to would-be homeowners in the province who identify as Métis. Starting in early September, SaskMétis Economic Development Corporation (SMEDCO) introduced the Métis Nation-Saskatchewan First-Time Buyers Program (FTHBP) to eligible Métis citizens of Saskatchewan.
A program aimed at helping Métis citizens overcome any challenges financially when it comes to saving up the funds for a down payment required by financial institutions in order to purchase their first home.
Frequently asked questions about the program
What's the funding amount?
The FTHBP will contribute funds as follows:
• $15,000 towards the cost of a down payment
• Up to $2,500 towards closing costs (legal, land transfer, home inspection etc.)
Who's eligible to apply?
• 18 years of age or older
• Resident of Saskatchewan for a minimum of six months
• Have Metis citizenship (or letter confirming your citizenship card is in process of being issued)
home being purchased must be for the applicant’s primary residence for at least 10 years
• Be able to qualify for and obtain a mortgage from a mainstream or known financial institution
family gross income (pre-tax) must be below $92,000
• Priority will be given for those currently residing in social housing or escaping abuse or violence
Once I've been approved, what types of homes can I consider?
• Newly constructed homes with new home warranty (deposits not funded)
• Resale market homes (single family, side by side, townhouses, condominiums, multi-unit)
ready to move homes (RTMs) on permanent foundations
• Mobile homes on owned lot on a permanent foundation anchored to property
• Homes are not to exceed the maximum house price for their geographic area
Are there any homes that would not meet the criteria?
• Homes located in life-lease communities
• Homes on leased or rented land
• Mobile homes in trailer parks
What if I just bought a new home?
Any home purchased before approval through the FTHBP will be deemed ineligible for support.
What documents will I need after I fill out the application I'm provided?
• MN-S Citizenship Card
(Or letter from MN-S Registry confirming card to be issued)
• Photo Identification
(2 pieces of federal or provincial government identification, 1 must have picture)
• Income verification
(For all over 18 - 2 years’ T-4s or tax returns)
• Notice of Assessment
(2 most recent from CRA- if unavailable contact www.cra.gc.ca for info)
• Mortgage Pre-qualification
(Attach verification from a financial institution that you qualify)
How I can help
Buying or selling real estate is one of the biggest transactions you will ever make in your life, so arming yourself with the very best person to assist you is essential.
I can connect you with of our in-house mortgage specialists, we'll discuss in-depth what you're looking for in terms of your dream home and there's one other thing to keep in mind - as a buyer working with me is completely free!
Contact me anytime for more information!
Take the next step in your journey
I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:
CENTURY 21 Fusion
INFO & SERVICES
CENTURY 21 Fusion
310 Wellman Lane, Unit 210, Saskatoon, SK S7T0J1
(306)-290-7787
INFO & SERVICES
Independently Owned and Operated. ®/™ trademarks owned by Century 21 Real Estate LLC used under license or authorized sub-license. © 2020 Century 21 Canada Limited Partnership © 2020 Century 21 Canada Limited Partnership
The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system. The trademarks REALTOR ® , REALTORS ® and the REALTOR ® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. This listing content provided by REALTOR.ca has been licensed by REALTOR® members of The Canadian Real Estate Association. Not intended to solicit properties currently listed for sale or buyers under contract.
Century 21 Canada Limited Partnership currently has franchise opportunities available in select markets across Canada. The intent of this communication is for informational purposes only and is not intended to be a solicitation to anyone under contract with another real estate brokerage operation. This e-mail message contains confidential information intended only for the use of the individual or entity named above. Any unauthorized use or disclosure is strictly prohibited. If you have received this communication in error please immediately delete the e-mail and either notify the sender at the above e-mail address or by telephone.
© 2022 MoxiWorks
