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.
• 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.