CHANGES FOR BC’s FIRST TIME HOME BUYERS

This is what we know so far, we don’t know everything yet. 🙂

We are not sure which banks are supporting this but we do know the repayment after the 5 years interest free period will be at P+.50%. Current prime rate would equate to 3.20% interest after the 5 years.

We are assuming by borrowing your down payment from the BC Governments proposed plan that comes into effect mid January, that we will be charged slightly higher CMHC fees.(Current Flex Down CMHC Fee is 3.85% Vs. Regular Down Payment is 3.60% with only 5% down payment).

The program ends March 1st 2020. The down payment loan is Interest free up to $37,500.00 as long as you can match or exceeds this amount with your own money.

You can put as little as 2.5% down now to buy a home and the other 2.5% will get matched by this loan program.

  • Amortized over 25 years
  • Borrower must qualify under 4.64% still
  • Combined household income must be under 150K
  • You must have saved a down payment amount at least equal to the loan amount for which they are applying from government.
  • You 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 most ideal scenario to reduce cost is to get 5% from the Gov’t and put 14% down payment from your own resources!

Sorces:

http://vancouversun.com/news/local-news/b-c-government-offers-down-payment-loans-to-first-time-homebuyers

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*By Referral Mortgage Consultants – doing business as BRMC is: Verico Preferred Financing Inc / Verico Canadian 1st Mortgage Corp which have a co-brokering agreement and there is a common Mortgage relationship and are licensed with the Verico Dreyer Group. Mortgage ownership, that employees of both Mortgage companies may review, advise and help process the Mortgage files. That Verico Preferred Financing Inc & Verico Canadian 1st Mortgage Corp share the some expense and income from mortgages. Kim Langille Featured on thess site is an unlicensed mortgage assistant only, not a Mortgage Consultant. Jordi Browne featured on this site is the Mortgage Broker of record. “The Broker” is Jordi Browne. Jordi Browne also holds a Life Insurance License and represents Verico Canadian 1st Mortgage Corp. Dave Browne featured on this site has a Life Insurance License too but is an independent agent– Jordi and Dave Browne co-broker life insurance files and share expenses, all income retained by Verico Canadian 1st Mortgage Corp.

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