Waiting For a Down Payment?

Wait no more!

Starting January 16, 2017, the BC government is stepping up and granting 0% interest-free loans up to $36,500 to help with your downpayment!

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?

1. Check out these 1st Time Home Buyer Listings

2. Review the Qualifications listed below

3. Contact me at (604) 992-1831 & let’s get you into your first home!

The BC Home Owner Mortgage and Equity (HOME) Partnership program will offer qualifying home buyers loans of up to $37,500, interest and payment free, for five years.

The province will begin accepting applications on January 16, 2017.

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.

Key facts:

• 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.


Source: REBGV Newsflash Dec 15th 2016 – BC government to offer down payment loans for first-time buyers