The First-Time Home Buyer Incentive is a government-backed program designed to help eligible buyers lower their monthly mortgage payments without adding financial strain. It’s an excellent opportunity for first-time buyers to step into the housing market with more confidence.
Program Launch Details
- Applications Opened: September 2, 2019
- First Closings: November 1, 2019
For detailed information, visit the First-Time Home Buyer Incentive Website.
BC Government’s Down Payment Loan for First-Time Buyers
In addition to the federal program, the BC Government offers an interest-free down payment loan to help first-time buyers afford their homes.
Program Highlights
- Loan Amount: Up to $37,500 (interest-free for the first 5 years).
- Eligibility Requirements:
- Combined household income under $150,000.
- Applicants must have been Canadian citizens for at least 5 years.
- Property price must not exceed $750,000.
- Repayment Terms:
- If repaid within 5 years, no interest is applied.
- After 5 years, interest accrues on the remaining balance.
Steps to Apply
- Prepare Financially:
Ensure your taxes are up to date and any outstanding debts are resolved. - Gather Documentation:
Have essential documents ready, including job letters and proof of income. - Set Your Budget:
Determine how much you can afford and identify your preferred location. - Submit Your Application:
Online applications opened on January 16, 2017.
Need Assistance?
For personalized guidance through these programs, reach out to Sara Sharma, your trusted Realtor.
📞 Call Sara Sharma: 604-992-7253
💼 Sutton Group West Coast Realty
Take the first step toward homeownership and make the most of these incredible opportunities!
