Image Credit: Anaid Productions
January 26, 2017 - 11:54 AM
KAMLOOPS - As of Jan. 16, British Columbians looking to purchase their first home can apply to the B.C. Home Owner Mortgage and Equity Partnership program, which helps first-time homebuyers create secure and stable futures for their families through home ownership.
In the first four days of applications, 125 applications have been submitted for evaluation. Since then, 70 applicants have been approved in 23 communities throughout B.C., including one in Kamloops.
The B.C. HOME Partnership is designed to help first-time homebuyers who can afford the costs of home ownership, but are experiencing challenges with the initial step in entering the market - that is, getting together a down payment.
The goal of the program is to help more British Columbians establish a nest egg and ensure the dream of home ownership remains in reach for families. The program contributes to the amount first-time buyers 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.
In Kamloops, the average purchase price for a residential detached house is approximately $378,000. If a first-time buyer saves $9,450 towards their down payment, or 2.5% of the home's purchase price, the Province will contribute $9,450, equal to the buyer's 2.5% down payment. This brings the total down payment to $18,900 or 5% of the home's purchase price, as required by Canada Mortgage and Housing Corporation.
Under the B.C. HOME Partnership program, homebuyers must first qualify for an insured high-ratio mortgage, to ensure they can afford payments both today and in the future.
Applications are now being accepted for purchases that close on or after Feb. 15, 2017.
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