The B.C. government's Home Owner Mortgage and Equity Partnership program, launching January 16, 2017, is meant to assist first-time home buyers cover part of the cost of a mortgage down payment. There some nuances to the eligibility criteria that you will want to keep in mind:
- Each person who will be on title for the property purchase must be a first-time home buyer who has never owned a principal residence anywhere in the world.
- All of the homebuyers must either be Canadian Citizens or have Permanent Resident status in Canada for at least 5 years. You must also have lived in British Columbia for the full 12 months previous to applying for the loan.
- The combined, gross income of all the homebuyers must be $150,000 or less.
If you have questions about what this program means for you, contact Auxilium Mortgage today for a free consultation with one of our brokers: call Toll-Free 1-855-590-6520 or visit us at 307 Goldstream Avenue during regular business hours, Monday through Friday 8:30 a.m. – 5:00 p.m. We can also arrange an appointment evenings or weekends to work with you.
Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.