Monday Dec 19 2016
Buying your first home has just gotten easier thanks to a recent announcement from the B.C. government. Effective January 16th, 2017, first time home buyers will be able to apply for a repayable down payment loan to assist with their down payment.
About the Program
“The BC Home Owner Mortgage and Equity Partnership program will contribute to the amount first time home buyers have already saved for their down payment, up to $37,000 or 5% of the purchase price with a 25 – year loan that is interest free for the first five years “
–Okanagan Mainline Real Estate Board
BC Government Announces Assistance for First Time Home Buyers, December 15, 2016
Have you been saving but purchasing your home still slightly out of reach? Well now you can apply for a loan to supplement your down payment as a first time home buyer.
· You won’t have to pay interest or principal payments for the first five years (so long the original home remains your primary residence)
· At the five year mark, you will begin making monthly payments at current interest rates
· The loan will be paid back over the next 20 years, allowing you to make extra payments or lump sums without penalty
· If you sell the original home, loan repayment must be made in full or transferred to the next home owner
· Shopping for your first home now? You can apply for this program if the closing date for your home is after January 16th, 2017.
To keep things simple and easy, we have outlined the eligibility requirements and application process checklist for you to review. Looking for more information about the program? Click here.
Gellatly Place could be your next home ready for March 2017! Register now!