Waiting For a Down Payment?
Wait no more!
This is great news coupled with the "changing market” conditions in the Lower Mainland.
Think you might benefit from the First-Time Home Buyer Program or aren't sure?
The BC Home Owner Mortgage and Equity (HOME) Partnership program will offer The province will begin accepting applications on January 16, 2017.
qualifying home buyers loans of up to $37,500, interest and payment free, for five years.
To qualify, buyers must:
• be buying their first home;
• obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price;
• have a combined gross household income not exceeding $150,000;
• have saved a down payment amount at least equal to the loan amount;
• be a Canadian citizen or permanent resident for at least five years; and
• have lived in BC for at least the full year preceding their application.
The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principal residence or resells the home.
• The loans will match a home buyer’s contribution to a down payment up to 5% of the home’s purchase price.
• The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees).
• After five years, buyers can either repay their loan or enter into monthly payments at current interest rates.
• Loans through the program are due after 25 years.