Plan to help first-time home buyers
- Begins January 16, 2017 for purchases that close on or after February 15, 2017
- Is set to run for 3 years, ending March 31, 2020
- Is available Province-wide
- Is for a legal, self-contained mortgageable residence in BC
- Provides eligible first-time buyers with loans which are*;
- Interest and payment free for up to 5 years
- Are for a maximum of 5% of the purchase price to a maximum of $37,500
- On a 25 year term and registered as a second mortgage on title
- For a principal residence ONLY
- Will mortgage lenders accept down payments which are loans?
- Will the lending institutions accept these 2nd mortgages being on title?
- How will changes in market affect the affordability of payments after 5 years?
Interested in finding out if this program is a fit for you? Call your RE/MAX REALTOR®, and ask them to give you names of some good Mortgage Professionals who can answer your questions.
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