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BC Government to Give First Time Buyers Up to $37,500 Towards Down Payment Interest Free!

Blog by Stu Bell | December 15th, 2016

Breaking News! The BC Government announces they will give first time buyers a $37,500 interest free 5 year loan towards their down payment (Or 5% of the purchase price up to $750,000), followed by 20 more years at market mortgage rates with no pre-payment penalties!
This will be registered on title as a second mortgage and allow first time buyers to qualify for bigger mortgages, avoid CMHC insurance, lower their payments, and get better mortgage rates / terms.
To qualify for this interest free downpayment loan, Buyers have to:
• Have saved a down payment amount at least equal to the loan amount for which they are applying from government.
• Have been a Canadian citizen or permanent resident for at least five years.
• Have lived in B.C. for at least one year prior to the sale.
• Be a first-time buyer who has not owned an interest in any residential property anywhere in the world at any time.
• The home must have a purchase price of less than $750,000.
• The buyer must already be able to qualify for an insured high-ratio first mortgage for at least 80 per cent of the purchase price.
• The combined gross household income of all people on title must not be more than $150,000.
Contact me at 604-562-0532 to take advantage of these new policies effective January 16th 2017, as well more information on GST and Property Transfer Tax Exemptions for 1st Time Buyers up to $750,000!