Hi everyone. Not sure if you have heard but on December 15th the BC Premier announced a new program to help first time home buyers. We are still working out the details but the basics are as follows.
The government will lend the buyer funds equal to the down payment up to $37,500, or 5% of the purchase price. The loan will be secured by a second mortgage with no payments over the first 5 years. The amortization period for the second mortgage will be 25 years, and payments will start in year 6. Buyers must be pre-approved for an insured high ratio first mortgage and use the property as their principal residence.
Applications do not start until Jan 16, 2017 and loans advanced from Feb 15, 2017 to March 31, 2020. The Buyer must be a Canadian citizen or permanent resident for at least 5 years, resided in BC for at least 12 months, make less than $150,000 (as a family) and must be pre-approved for the first mortgage before applying.
You can get Pre-Approved quickly here!
If you could like to discuss this option, please don’t hesitate to be me a call, I would love to help!
