B.C. Premier Christy Clark has announced a payment and interst-free five year down payment loan program targeted at first-time buyers. Government of British Columbia
B.C. government to offer down payment loans to first-time buyers
MIKE KOZAKOWSKI, CITIFIED.CA
Published December 15, 2016
First-time homebuyers in British Columbia are now eligible to receive government-backed down payment support as part of the B.C. government’s Home Owner Mortgage and Equity (HOME) Partnership program.
The HOME Partnership, set to take effect on January 16th, will match a buyer’s down payment contribution up to 5% of a home’s purchase price, to a maximum of $750,000. The maximum loan amount is $37,500.
Loans will be interest and payment-free for a period of five years. At the end of five years, buyers will have the option to repay the loan in its entirety or opt for a monthly payment plan at current interest rates. Loans become due after 25 years, the same length of time as most mortgages.
However, first-time buyers seeking mortgages with down payments below 20% must first complete a federally-mandated mortgage stress test based on anticipated future interest rates. Once the stress test requirement is satisfied, buyers will be eligible for the B.C. government's new program. C
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