More debt for first time homeowners
First time home buyers can now tap into a provincial fund to top of their down payment for a home.
The B.C. Home Owner Mortgage and Equity Partnership program will match what first time homebuyers have already saved for a down payment for a house, up to 37,500 dollars, or up to 5 per cent of the purchase price.
Premier Christy Clark says the money borrowed will have to be paid back over 25 years but for the first 5 years the loan will be interest free and payment free….
After the first five years, homebuyers will have to begin making monthly payments at current interest rates.
To be eligible, buyers must be pre-approved for an insured high-ratio first mortgage and once a sale is completed the loan will be registered as a second mortgage on the property’s