The B.C. government is offering to help first-time home buyers cover the cost of a mortgage down payment with an interest-free loan
The B.C. Home Owner Mortgage and Equity Partnership program will provide a maximum of $37,500 — or up to 5% of the purchase price — with a 25-year loan that is interest-free and payment-free for the first five years.
The intention of the program is to assist people who can afford the mortgage payments on a new home but are challenged to make the down payment.
The province will start accepting applications for the program on Jan. 16, 2017. Home buyers will pay no monthly interest or principal payments over the first five years as long as the home remains their principal residence.
After the first five years, home buyers begin making monthly payments at current interest rates.
