First-Time Home Buyer Program
Buying your first home can be both exciting and overwhelming. I am here to make the experience as stress-free as possible. You can secure your first home with as little as a 5% down payment. With access to multiple lenders, I will find the best mortgage solution for you, guiding you from pre-approval to receiving your keys.
Down Payment Breakdown
For properties with1 or 2 units, the minimum down payment requirements are:
- Up to $500,000: 5% of purchase price
- Over $500,000: 5% on the first $500,000 and 10% on the remaining amount (up to $1.5 million)
- Over $1.5 million: 20% of purchase price
For example, if you're purchasing a $750,000 home:
- 5% on the first $500,000 = $25,000
- 10% on the remaining $250,000 = $25,000
- Total minimum down payment = $50,000
Closing Costs
In Manitoba, estimated closing costs are approximately 1.5% of the purchase price. These costs include:
- Land transfer tax
- Legal fees
- Mortgage and title registration fees
- Appraisal fees (if applicable)
Lenders require you to show proof of available funds for closing costs in addition to the down payment. Actual closing costs may vary based on the purchase price and legal fees.
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