Yesterday the BC Government announced a new program to assist eligible buyers purchasing 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 five 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

For more information: http://gov.bc.ca/housingaction

This article is only a summary and is not exhaustive. See the above link for more information, and feel free to send us an email or give us a call at the office if you or your clients have any questions regarding this or any other real estate matter.

Reprinted with Permission from Mullin DeMeo Barrister & Solicitors