BC Home Owner Mortgage and Equity Partnership Program
The BC government has announced a new provincially matching loan program for first-time home buyers and that will match a down payment of 5% or up to $37,500 of the home price.
The loan program is called BC Home Owner Mortgage and Equity Partnership Program which will be granted to first-time home buyers to purchase a home less than $750,000.
The loan is for an initial 25-year term, which is interest and payment free for the first 5 years and the loan will be registered on the property title as a second mortgage. First-time buyers need to be pre-qualified for a mortgage by a lender. Applications are now open and the program ends in March 2020.
For more information, you can visit: https://www.bchousing.org/housing-assistance/bc-home-partnership.