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    jsholsn's Avatar
    jsholsn Posts: 4, Reputation: 1
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    #1

    Apr 15, 2007, 07:57 PM
    First Time Home Buyer
    I am looking into buying a home for the first time and I'm not really sure how the first time home buyers program works. If you have poor credit (550) are you still eligible for the first time home buyers program or is that score too low to get a mortgage anywhere??
    arlcruise's Avatar
    arlcruise Posts: 9, Reputation: 1
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    #2

    Apr 24, 2007, 01:50 AM
    In Canada the program is simple. Each person who is a first time buyer (or has not owned a home in 5 years) can use up to $20,000 from their RRSP and use it as downpayment. The funds are required to be repaid in instalments over 15 years. Any year not repaid you will face an income tax liability. Poor credit is not an issue with the plan itself, just what lender will facilitate a deal for you, and at what rate and downpayment loan to value.
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