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