New First Homebuyer Program for BC Residents
 December 15 2016     Posted by Siemens Group

New First Homebuyer Program for BC Residents

Today @ 10:30 am the BC government announces a new program which is put in place to assist first time buyers for getting into the market. They will receive a matching contribution up to 5% of the purchase price for homes with $750,000 value or less. This program is scheduled for the next 3 yr period.

.All individuals with a registered interest on title must reside in the home and:

• Be a first-time homebuyer
• Have been a Canadian citizen or permanent resident for at least five years
• Have resided in BC for at least 12 months
• Have a combined gross income of $150,000 or less
• Have saved at least half of the minimum down payment they will require
• Must be pre-approved for the first mortgage before applying

The first mortgage must be high-ratio insured from an NHA approved lender for more than 80% of the purchase price.

Eligible Properties

Any legal, self-contained, mortgageable residence located in BC

• Must be used as a principal residence for the first 5 years
• Rental properties and seasonal or recreational properties are not eligible
• The purchase price cannot exceed $750,000

Home Partnership Loans

• Up to 25-year term, registered as a second mortgage
• No interest or principal payments for the first 5 years
• Monthly principal and interest payments begin in year 6, amortized over remaining 20 years
• Interest rate for years 6 to 10 set near first mortgage rate at time mortgage is registered
• Interest rate reset to near first mortgage rate at years 10, 15, and 20
• Homeowner may repay in full or part at any time without penalty.

The loan is due and payable in full upon:

• The home ceasing to be the primary resident in the first 5 years
• Default on the first mortgage
• Sale of home or change of ownership
• Any other default on the Home Partnership second mortgage

  New First Homebuyer Program for BC Residents

  Today @ 10:30 am the BC government announces a new program which is put in place to assist first time buyers for getting into the market. They will receive a matching contribution up to 5% of the purchase price for homes with $750,000 value or less. This program is scheduled for the next 3 yr period.

  .All individuals with a registered interest on title must reside in the home and:

  • Be a first-time homebuyer
  • Have been a Canadian citizen or permanent resident for at least five years
  • Have resided in BC for at least 12 months
  • Have a combined gross income of $150,000 or less
  • Have saved at least half of the minimum down payment they will require
  • Must be pre-approved for the first mortgage before applying

  The first mortgage must be high-ratio insured from an NHA approved lender for more than 80% of the purchase price.

  Eligible Properties

  Any legal, self-contained, mortgageable residence located in BC

  • Must be used as a principal residence for the first 5 years
  • Rental properties and seasonal or recreational properties are not eligible
  • The purchase price cannot exceed $750,000

  Home Partnership Loans

  • Up to 25-year term, registered as a second mortgage
  • No interest or principal payments for the first 5 years
  • Monthly principal and interest payments begin in year 6, amortized over remaining 20 years
  • Interest rate for years 6 to 10 set near first mortgage rate at time mortgage is registered
  • Interest rate reset to near first mortgage rate at years 10, 15, and 20
  • Homeowner may repay in full or part at any time without penalty.

  The loan is due and payable in full upon:

  • The home ceasing to be the primary resident in the first 5 years
  • Default on the first mortgage
  • Sale of home or change of ownership
  • Any other default on the Home Partnership second mortgage

New First Homebuyer Program for BC Residents

Today @ 10:30 am the BC government announces a new program which is put in place to assist first time buyers for getting into the market. They will receive a matching contribution up to 5% of the purchase price for homes with $750,000 value or less. This program is scheduled for the next 3 yr period.

.All individuals with a registered interest on title must reside in the home and:

• Be a first-time homebuyer
• Have been a Canadian citizen or permanent resident for at least five years
• Have resided in BC for at least 12 months
• Have a combined gross income of $150,000 or less
• Have saved at least half of the minimum down payment they will require
• Must be pre-approved for the first mortgage before applying

The first mortgage must be high-ratio insured from an NHA approved lender for more than 80% of the purchase price.

Eligible Properties

Any legal, self-contained, mortgageable residence located in BC

• Must be used as a principal residence for the first 5 years
• Rental properties and seasonal or recreational properties are not eligible
• The purchase price cannot exceed $750,000

Home Partnership Loans

• Up to 25-year term, registered as a second mortgage
• No interest or principal payments for the first 5 years
• Monthly principal and interest payments begin in year 6, amortized over remaining 20 years
• Interest rate for years 6 to 10 set near first mortgage rate at time mortgage is registered
• Interest rate reset to near first mortgage rate at years 10, 15, and 20
• Homeowner may repay in full or part at any time without penalty.

The loan is due and payable in full upon:

• The home ceasing to be the primary resident in the first 5 years
• Default on the first mortgage
• Sale of home or change of ownership
• Any other default on the Home Partnership second mortgage