For new home buyers that are searching for down payment options, they may not need to look too far. The First Time Home Buyers’ Plan (HBP) is a government program that uses funds from an RRSP to purchase or build a home. A buyer can withdraw up to $25,000 in a calendar year to put towards their own home, or for a related person with a disability. For those without an RRSP, or the money to invest in one, there are options available. Many financial institutions will lend funds, with interest only payments, to borrowers in order to contribute to an RRSP.
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There are many government programs and lender products available for almost every type of buyer. Home ownership is not impossible; it is a privilege available to many! Good to know as a real estate investors? To your Real Estate Investing Success,
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