BC First Time Home Buyers Housing Action Plan
A new program was recently announced to help first time home buyers in British Columbia. The details are still being worked on, 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 preapproved 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.
The government announcement can be found here.
Check back for details on this update when more information is released. In the meantime, if you are a first time home buyer, start your preapproval today with a top mortgage broker in our network! Contact us today at 604-866-6691 and firstname.lastname@example.org.