I just attended a great webinar regarding the new BC Home Owner Mortgage program. Great information. This appears to be a great program to assist 1st time home buyers in BC.
There are some requirements to know:
-must be a Canadian Citizen of permanent resident for 5 years
-must be a resident of BC for 1 year
-purchase must be for principal residence (not a vacation home or seasonal residence)
-must be a 1st time home buyer
-income must be a maximum of $150,000 / year (thats a combined income if you are married/common law)
The loan is a 25 year amortization with a 5 year term, no payments or interest for the first 5 years. You can also pay out early or add extra payments without a penalty.
You must follow these steps to qualify:
1) get pre-approved by a mortgage broker
2) apply to BC Housing at https://www.bchousing.org/housing-assistance/bc-home-partnership to confirm eligibility for the program and get pre-approval.
3) see me, your Realtor, to find your home! Make an offer on the home, and get it accepted.
4) get final approval for your mortgage and make your offer unconditional.
5) Buy your dream home!
Please contact me if you have any other questions on this great program!