First Time Home Buyer’s Program
There is exciting news for anyone who is looking to get into the real estate market for the first time. The government of British Columbia has rolled out an incentive program “BC Home Partnership Program” which would help to make it easier for first time home buyers to qualify for their first home.
How does it work?
Essentially the BC Home Partnership Program is available to first time home buyers who have less than the required down payment when purchasing their first home. The government of BC has agreed to issue loans to help first time home buyers meet the down payment requirements. The loan has a twenty five year term, and would be registered as a second mortgage on your home. Furthermore the loan is interest and payment free for the first five years and if you choose to make installments in this time frame, there are no penalties for early repayment.
What is the qualification criteria?
According to BC Housing the requirements are listed as:
- Be a Canadian citizen or permanent resident for the last five years
- Have lived in British Columbia for at least the full 12 months preceding your application
- Be a first-time homebuyer who has not owned an interest in a principal residence anywhere in the world at any time and has never received a first-time homebuyers’ exemption or refund
- Purchase a home that is $750,000 or less.
- Be eligible for a high-ratio insured first mortgage for the home
- The combined, gross household income of all individuals on the title must not exceed $150,000.
- The home being purchased must be used as the principal residence of all individuals on the title for the five years after purchasing.
(Reference: BC Home Partnership Program Information)
What supporting documents are required for an application?
- Proof of Canadian status (Birth Certificate, permanent resident card, or certificate of Canadian citizenship)
- Photo identification (ID, Drivers License, or Passport)
- Proof of income (Notice of Assessment)
- Mortgage pre-approval
To apply, please visit: BC Housing
For more information on the program and whether it can help your family, feel free to get in touch with me today!