Kitty van der Meer, REALTOR  604-760-5392

    Sutton Group -Sutton WestCoast Realty - #102 - 403 North Road, Coquitlam, BC V3K 3V9

    Kitty van der Meer is not affiliated with developers and is not liable for any errors and omissions. Not intended to cause or induce a breach of an existing agency relationship. Kitty van der Meer's intention is to help you find the right home and to give you unbiased advise about your home purchase. 

    The information on this website is from a variety of sources which may include the developers website, advertisements, sales centre, MLS or other sources and is not guaranteed and is subject to change. You are advised to read the Developers Contract and Property Disclosure Statement carefully and have your lawyer review it.  

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      BC government to offer down payment loans for first-time buyers

      December 16, 2016

      BC government to offer down payment loans for first-time buyers

      December 15, 2016

      Premier Christy Clark unveiled a new loan program today to help first-time home buyers come up with their down payment.

      The BC Home Owner Mortgage and Equity (HOME) Partnership program will offer qualifying home buyers loans of up to $37,500, interest and payment free, for five years.

      The province will begin accepting applications on January 16, 2017.

      To qualify, buyers must:

      • be buying their first home;

      • obtain a high-ratio, insured first mortgage on the property for at least 80 per cent of the purchase price;

      • have a combined, gross household income that doesn’t exceed $150,000;

      • have saved a down payment amount at least equal to the loan amount;

      • be a Canadian citizen or permanent resident for at least five years; and 

      • have lived in BC for at least the full year preceding their application.

      The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principle residence or resells the home.

      Key facts:

      • The loans will match a home buyer’s contribution to a down payment up to five per cent of the home’s purchase price. 

      • The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees).

      • After five years, buyers can either repay their loan or enter into monthly payments at current interest rates.

      • Loans through the program are due after 25 years.

      “This program will boost sales to first-time home buyers. Without question, they’ll take advantage of it wherever they can,” said Helmut Pastrick, Central 1 Credit Union chief economist.

      The province estimates this initiative will help at least 42,000 buyers or households province-wide over the next three years. About half of these buyers will be in the Lower Mainland, according to Pastrick.

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