The program offers first-time home buyers who have saved a down payment:
A down payment loan of up to 5% of a home’s purchase price to a maximum of $37,500, on a home with a maximum price of $750,000.
This loan matches the buyer’s down payment and is interest-free and payment-free for five years. After five years, buyers can either repay their loan or enter into monthly payments at interest rates that are current five years from the date of the loan. Loans through the program are due after 25 years – the same length as most mortgages.
To qualify for the program, home buyers with a registered interest on title must reside in the home and be a:
1. Canadian citizen or permanent resident for at least five years;
2. Resident of BC for at least one year immediately preceding the date of application; and
3. First-time buyer who has not owned an interest in a residence anywhere in the world at any time.
The first-time home buyer must:
1. Use the property as their principal residence for the first five years;
2. Obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price; and
3. Have a combined, gross household income of all individuals on title not exceeding $150,000.
First-time home buyers can begin gathering the documents they’ll need to submit an online application.
Buyers will need:
1. Proof of status in Canada and residency in British Columbia.
2. Secondary identification (must include your photo).
3. Proof of income and tax filings.
4. Insured first mortgage pre-approval.
Reported by REBGV