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….
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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
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