Helping you Own: The Home Partnership Program
Jan 10th, 2017
If you’re looking for or saving for a new home, you’ve probably already heard of B.C.’s Home Partnership Program, which will start accepting applications next Monday, January 16th.
This is great news if you’ve been patiently saving for the down payment on your first home – the program contributes to the amount first-time homebuyers have already saved.
“The first step into the market can be the hardest step, so our government will partner with homebuyers to help them achieve their minimum down payment,” said Rich Coleman, Minister of Natural Gas Development and Minister Responsible for Housing. “This partnership can help lower their monthly costs in the first five years, and help make home ownership more affordable. This partnership program is another important way we’re taking action on housing affordability.”
Take a look at the highlights:
- The program will provide up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest- and payment-free for the first 5 years.
- To be eligible, buyers must be pre-approved for an insured high ratio first mortgage (mortgage down payment is less than 20% of the home price).
- During the first 5 years, no monthly interest or payments are required as long as the home is your principal residence. Homebuyers will repay the loan over the remaining 20 years. The loan must be repaid in full when the home is sold or transferred to another owner.
You’re closer to homeownership than ever.
Supporting first-time homebuyers is just one initiative the government has taken in its commitment to housing. Other undertakings include: increasing housing supply, smart transit expansion, ensuring consumer protection, and increasing rental supply.
Now is the time to get your mortgage pre-approval started so that you can apply for this amazing opportunity.
Now, all you need is a home.
Visit us at Everly Green in Langley between 12-5 daily (except Fridays) to learn about a selection of homes perfect for you, and connect with one of our preferred mortgage brokers to help get you in your new home this year.