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Breaking News: Down payment help for First Time Buyers

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More breaking news on the mortgage front! The BC Government announced today that they are rolling out a program for First Time Buyers which will match 50% of their down payment up to $37,500. This would be by way of a second mortgage. It will be interest free for the first 5 years however the payments will have to be included in the debt ratios upon application.

Timeline: Applications will be accepted as of January 16, 2017, with loans advanced from February 15 to March 31, 2020.

To qualify under the BC Home Partnership Program, all applicants who will be registered on title must:
• Reside in the home
• Be a first-time homebuyer
• Be a Canadian citizen or permanent resident for 5 years
• Have resided in BC for at least one year
• Have a combined gross income of $150,000 or less
In addition, for the property to qualify under the BC Home Partnership Program, it must be:
• a legal, self-contained, mortgageable residence (not rental or recreational) located in BC
• used as the homebuyer’s principal residence for the first 5 years, and
• under the purchase price of $750,000

I will provide more information on the program as details become available. As always, please don't hesitate to contact me with any questions or concerns.

www.christinebuemann.com

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