Yesterday
the BC Government announced a new program to assist eligible buyers
purchase their first home. This program will begin accepting
applications
Jan. 16, 2017, and provide buyers with a portion of the down payment required for their home purchase.
The
B.C. HOME Partnership program will meet the buyer’s contribution up to
5% of the home’s purchase price, to a maximum purchase price of
$750,000. After five years, buyers can either repay their loan or enter
into monthly payments at current interest rates. Loans through the
program become due after 25 years, but can be prepaid in fully at any
time with no penalties.
Eligible Purchasers:
•
Must be a first-time homebuyer
•
Have been a Canadian citizen or permanent resident for at least 5 years
•
Have resided in BC for at least 12 months
•
Have a combined gross income of $150,000 or less
•
Have saved at least half of the minimum down payment they will require
•
Must be pre-approved for the first mortgage before applying
•
The first mortgage must be insured by an NHA approved lender.
Eligible Properties:
•
Must be used as a principal residence for the first 5 years
•
Rental properties and seasonal or recreational properties are not eligible
•
The purchase price cannot exceed $750,000
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