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Who is eligible for the new down payment loan? And is this offering a good idea?
 
Recently the BC Government announced they are now offering a loan for a portion of the down payment to help people in BC buy a property. Some economists think it's a good idea, some don't. In fact some think it's just another way the current Liberal government is trying to stay in power; we do have an election coming up this spring.
 
I personally think this loan could work well for some buyers/borrowers but not all. 
 
There are, of course, many details of what the offer is and who exactly is eligible. See the full press release from the Government of BC website for all the details below:
 
Note: a bit of important info that's not included in the release below is that you have to be a citizen of Canada or a permanent resident for at least 5 years and also be a resident of BC for at least 1 year.
 

From middle-class families to young professionals, first-time home buyers are looking to invest in a secure and stable future.

 

For many British Columbians dreaming of buying their first home, the hardest step is saving for a downpayment. That is why the Province is partnering with British Columbians to help make that dream come true, through the B.C. Home Owner Mortgage and Equity (HOME Partnership program. 

 

Through the B.C. HOME Partnership program, the Province is helping first-time home buyers by contributing to the amount they have already saved for a downpayment with a loan that is interest-free and payment-free for the first five years.

 

Here is how it works:

- The B.C. HOME Partnership program will meet the buyer’s contribution up to 5% of the home’s purchase price, to a maximum purchase price of $750,000.

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

- Loans through the program become due after 25 years – the same length as most mortgages.

 

For more information on this program and how B.C. is working to keep housing affordable for you at http://housingaction.gov.bc.ca/


The B.C. HOME Partnership program will start accepting applications Jan. 16, 2017. To apply visit BC Housing.

 

Full Article>

 

Tony Marchigiano

Mortgage Broker
310-328 West Hastings Street
Vancouver, BC
 

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