Everyday we are getting updates with what lenders will participate in the new down payment loan program annoucned on December 15th by the BC Government. 

CMLS Financial has confirmed that they will take part in this program that will allow first time home buyers to take a loan from the BC government to form part of their down payment. 

For futrther details, please contact our office at 604-552-6190 and we can help determine if this is a program you can benefit from.

Everyday we are getting updates with what lenders will participate in the new down payment loan program annoucned on December 15th by the BC Government. 

Street Capital Financial has confirmed that they will take part in this program that will allow first time home buyers to take a loan from the BC government to form part of their down payment. 

For futrther details, please contact our office at 604-552-6190 and we can help determine if this is a program you can benefit from. 

BC Assessed Values are now available online.  Don’t be too surprised when you see a substantial increase over 2015.  For property owners where your value is over $1.2M, unfortunately you no longer qualify for the Home Owners Grant for your 2017 property taxes.  If you would like to see your value before receiving it in the mail, click the link below. 

If you would like to find out how you can access some of that equity, message me directly or contact us at the office.  604-552-6190.

CLICK HERE TO ACCESS YOUR 2017 BC ASSESSMENT

We’re still waiting on details to unfold regarding this new program  and what banks and lenders will support it.  So far we’ve heard from one insurer on how they will handle it.  Here’s what we know so far and I will continue to update my blog with further details. 

• All borrowers must be first time home buyers – never owning a home in the past as a principal residence anywhere
• Borrowers will have to have saved a minimum of 2.5% to go towards the down payment.  This is a matching program to a maximum of $37,500.
• Property must be used as a principal residence for the next 5 years
• No interest or payments will be made for the first 5 years
• Applicants must have been a Canadian resident for the past 5 years
• The loan will be a second mortgage
• Pre-approval must be received prior to applying for this program with the government
• The payments will be added in to the qualifying calculatiions for what you qualify to purchase for (although payments will not start until year 6)
• Applications can be sent to the government as of January 16, 2017
• Maximum purchase price $750,000

There’s many mixed opinions on this program so if you are interested in discussing it further and learning more, please contact us here at the office.  604-552-6190.

To read further information, CLICK HERE.