|
ON
A FAMILY
INCOME OF: |
YOU
COULD AFFORD
A HOUSE UP TO: |
AND
YOUR DOWNPAYMENT
WOULD BE: |
| $50,000 |
$125,000 |
$6,250* |
| $55,000 |
$137,000 |
$6,875* |
| $60,000 |
$150,000 |
$7,500* |
| $65,000 |
$162,000 |
$8,125* |
| $70,000 |
$175,000 |
$8,750* |
| $80,000 |
$200,000 |
$22,000** |
| $90,000 |
$225,000 |
$27,000** |
| $100,000 |
$250,000 |
$32,000** |
|
*Based on CMHC insured 95%
financing
**Based on CMHC insured 90% financing of first $180,000 and 80% on everything
thereafter.
This chart utilizes standard
debt to income ratios used by many financial institutions but is
intended only as a guide. Please consult your lender for the actual
size of mortgage you may qualify for.
WHAT IF YOU DON'T HAVE ENOUGH
SAVED FOR THE DEPOSIT?
There are government sponsored programs that may
be able to help.
-
RRSP Home Buyers Plan
If it is your first home purchase, the Plan allows you to withdraw up to
$20,000 from your RRSPs to buy or build a home.
- Nova Scotia Home Ownership Savings Plan
You can receive a refundable income tax deduction for saving toward the
purchase of a first home.
For further information, please
contact us at (902) 864-5050 or via e-mail.
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