Applications for the BC Home Partnership Program opened on January 16, 2017, and the province has already granted more than $1 million in loans to first-time home buyers.
As of February, 2017 there has been:
- Actual applicant purchases – 67
- Applications received – 340
- Page views of program website - 60,000+
The BC Home Partnership Program offers loans of up $37,500, and helps first-time home buyers fund down payments on housing purchases (must be $750,000 or less) with closing dates after February 15, 2017. The loan has a 25-year term, and is interest and payment free for the first five years. After five years, buyers can repay their loan or enter into monthly payments at current interest rates. Notably, the loan will be registered on the property title as a second mortgage.
Potential applicants still have time to apply, with the program running until March 31, 2020. The province anticipates spending more than $700 million over the next three years, and estimates that 42,000 British Columbians will be helped through this program.
For those who are interested in learning more about the BC Home Partnership Program, click HERE. You can find detailed information on whether you’re eligible, how to apply, and the process after your application is accepted.
Source: CBC News