The BC Liberal government's Home Partnership Program starts today. The program is intended to help First time home buyers with their 1st home purchase. With housing prices having climbed so much over the last year, this is supposed to be a measure to help alleviate some of this concern. For Buyers that have saved some money but not quite enough as prices have climbed, this loan will help bridge that gap.
The BC Home Partenership Program is a loan to assist First Time Home Buyers with their minimum 5% down payment. It is not designed to be their only source of downpayment. The loan will be interest free and payment free for 5 years and registered on title as a 2nd mortgage.
In order to qualify you must have been a Canadian citizen or permanent resident for the last 5 years.
- have lived in BC for a year
- Of course have never owned a home anywhere in the world
- qualify for a high ratio mortgage
- Home purchase $750,000 or less
- combined gross family income cannot exceed $150,000
- the home purchased must be the principal residence for 5 years
At any time during the 5 years you can repay this loan without a penalty. In the 6th year interst will then start to accrue and payments will be required to be made on the principal and interest amortized over 20 years.
To read more about how to qualify and how to apply visit the following link or speak with your mortgage broker:
The BC Home Partenership Program
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