Buying Your First Home.

Buying Your First Home.
 
(February 15, 2017 )

 

The B.C. Home Owner Mortgage and Equity Partnership program may not be the home-ownership plan for everybody but it has already been used by more than 250 first-time buyers and more are applying everyday. The Province of B.C. has already announced that more than $1.1 million in loans has been conditionally approved since they first started taking applications on January 16th, 2017. Of course, with an election coming on May 9th, there is no guarantee that this program will last forever. 

 
Here's the basic details:

For eligibility for the program, all purchasers:
  • Must be Canadian Citizens or Permanent Residents for the last five years.
  • Must have resided in British Columbia for the past 12 months.
  • Must have a total household income of $150,000 or less per year.
  • Must live in the home as their principal-residence.
  • Additionally, the home must be located in B.C. and have a purchase price of less than $750,000.
If the above criteria is met then the buyer(s) must qualify for a mortgage for 80% of the home’s value.

Case study A:
Purchase price of home $450,000
Buyers down payment: $10,000
B.C. Home Ownership Loan: $10,000

Case study B:
Purchase price of home: $700,000
Buyers down payment: $22,500
B.C. Home Ownership Loan: $22,500

The amount of money you can afford to pay for a home depends on many factors, including your income, your debt, your monthly expenses and the amount of money you can contribute to the purchase (your personal down payment), among other factors. 
Again, there is no guarantee that this program will last forever, so contact me to get started. There is a particular process to follow to get you approved including talking to an expert mortgage professional. 
 
Contact me and you could be out home shopping within days.
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