The Province of BC's newly-launched Home Owner Mortgage and Equity Partnership Program will help more Coast Capital members achieve their dream of owning their first home, CEO Don Coulter said today.
“We know that a lot of members can handle the mortgage payment and easily qualify to buy their first home, but they just can’t overcome that initial down payment hurdle. We congratulate the Province for launching a new program providing repayable loans to help manage that down payment.”
The new program provides a matching, repayable loan for up to 5 per cent of the home purchase price, to a maximum of $37,500 (maximum property value is $750,000). The home owner would not have to begin repaying the government loan principle or interest for five years. In order to apply for the loan, members must be pre-approved for an insured mortgage, subject to Coast Capital’s normal mortgage application and approval terms, to ensure they are able to manage the monthly payments alongside their other obligations.
“At Coast Capital, we focus on our members’ overall financial well-being, and always consider an applicant’s ability to manage mortgage payments alongside other financial priorities. One of the great features of this program is that it strikes a balance that helps people buy their first home, but does not encourage British Columbians to take on unsustainable debt. That’s really important to us,” Coulter said.
The government’s loan is only available to first time home buyers who are Canadian citizens or permanent residents, have lived at least one year in BC, and using the property as their principle residence. More information is available on the Province of BC’s website, or Coast Capital members can enquire with a Coast Capital mortgage specialist after the program comes into effect in mid-January.