Christy Clark Unveils The BC Home Owner Mortgage And Equity Partnership Program For First Time Home Buyers
The BC government is offering assistance to first time homebuyers in the form of an interest-free loan to help cover the cost of a down payment.
The BC Home Owner Mortgage And Equity Partnership Program as announced by Premier Christy Clark will provide up to $37,500, or up to five percent of the purchase price, in the form of a 25 year loan, with no payments and no interest for the first five years.
The program will begin accepting applications on Monday January 16; the maximum purchase price in order to qualify is $750,000. Eligibility requirements include permanent Canadian residency for five years, BC residency for one year and a maximum combined income of $150,000 or less. The government is expecting about 42,000 new home buyers to take advantage of the program. Premier Clark has more details in the announcement below.