Eligibility

In order to receive the benefits of the First Place Program, homebuyers must meet the following criteria:

• Must be able to qualify and obtain pre-approved financing.  They must also provide a minimum of 5% down payment, and have a suggested maximum gross debt service ratio of 32% or total debt service ratio maximum of 42%.
• Must be a first time home buyer in Alberta
• Must agree to be full time occupants and residents of the home for at least five years
• Must have a personal net worth less than $25,000, excluding a primary vehicle, lock-in or group RRSP and the down payment saved for the home
• Must be a Canadian citizen or have permanent resident status
• Must be employed and have a combined household income of no more than $117,000.  Combine income refers to those holding the mortgage and title to the home
• Applicants may use a “co-signer” to qualify for and obtain mortgage approval