New programs for first-time homebuyers – start accepting applications on Jan 16, 2017

If you are entering the market to buy your first home, the B.C. government is launching a new program to partner with you on the down payment for your mortgage.

• The B.C. Home Owner Mortgage and Equity Partnership program contributes to the amount first-time homebuyers have already saved for their down payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years.
• This partnership can help lower their monthly costs in the first five years
• During the first five years, no monthly interest or principal payments are required as long as the home remains the homebuyer’s principal residence.
• After the first five years, homebuyers begin making monthly payments at current interest rates and repay the loan over the remaining 20 years
• To be eligible, buyers must be preapproved for an insured high-ratio first mortgage
• Other programs are available to help first-time buyers save on property transfer tax.
• The First Time Home Buyers Program can save first-time buyers up to $7,500 when purchasing a home valued up to $475,000. Or, first-time buyers can access the Newly Built Homes Exemption, which can save buyers up to $13,000 in property transfer tax when purchasing a newly constructed or subdivided home worth up to $750,000.