Thank to Kam Bansal for this update!
A quick update on the BC Governments newly announced initiative for Interest free loans up to $37,500 for 1st Time Home Buyers.
Here are a few updates that we have, but soon enough, we will be hearing from the individual lenders on other criteria.
Name of Program
-HOME – Home Owner Mortgage & Equity Partnership
Purpose
-The intention of the program is to assist people who can afford the mortgage payments on a new home but are challenged to make the down payment
Particulars
-Program starts January 16, 2017
-Maximum Purchase price will be $750,000
-Permanent Residents of Canada past 5yrs and B.C. residents for the past 1 year .
-Be a first-time buyer who has not owned an interest in a residence anywhere in the world at any time
-Combined family income of $150k or less
-High Ratio ( insured ) mortgage only via CMHC / Genworth / Canada Guaranty
-Interest free loan for 5 years. After the 5 years, buyers can repay the loan in full OR enter into monthly payments at current interest rates at that time.
-The loan term will be up to 25 years ( the same as the mortgage amortization )
We will work to keep you up to date and in the know regarding this program and changes as they become available. This is a great program to help those working towards their downpayment. If you wonder if this applies to you and your situation, call or email us here at GLM–we are happy to help you!
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