BC HOME Partnership Program

This new program for first time homebuyers called the HOME Partnership Program may be able to help them! In a nutshell the program breaks down as follows:

  1. Offers qualifying home buyers loans of up to $37,500, interest and payment free, for five years.
  2. The province has started accepting applications, started on January 16, 2017.
  3. To qualify, buyers must:
    1. be buying their first home
    2. obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price
    3. have a combined gross household income not exceeding $150,000
    4. have saved a down payment amount at least equal to the loan amount
    5. be a Canadian citizen or permanent resident for at least five years
    6. have lived in BC for at least the full year preceding their application.
  4. The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principle residence or resells the home.
  5. The Facts:
    1. The loans will match a home buyer’s contribution to a down payment up to five per cent of the home’s purchase price
    2. The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees)
    3. After five years, buyers can either repay their loan or enter into monthly payments at current interest rates
    4. Loans through the program are due after 25 years.
  6. The Application:
  7. Applicate/purchaser applies for loan
  8. Expected fees are $560.00
  9. Expected turnaround time is 5 days
  10. Housing Loan Approval is good for six months *** Pre Approval Certificate is required from a Bank before applying for the BC Housing Loan for Down Payment ***
  11. Applicants selects a home and writes offer.
  12. Lender approval and final contract to be sent to BC Housing minimum 14 days prior to closing date
  13. BC Housing will send instructions to lawyer/notary 4 days before closing date
  14. Please allow extra time if your client is applying for the program for subject removals.

For easy reference, please view the PDF Flow chartpower point, and scenario’s.

If you or someone you know has questions about this program, please contact me. I would be delighted to help!

A Weekend of Open Houses

It’s pretty clear that the spring market is upon us as I’ve had nothing but Open Houses, that’s in multiples, the last few weekends! Being this busy is a great “problem” to have, and I am grateful for the continued patronage of so many amazing clients.

158-2844 273rd Aldergrove

The first Open House to tell you about is this perfect little family townhouse in Aldergrove. You’ll love this terrific 4 bedroom CORNER home in the fantastic CHELSEA COURT. Sunny SOUTH exposure with OVERSIZED wrap-around FULLY FENCED backyard opening up to a park-like GREEN SPACE. It is a smaller, quiet, well-maintained FAMILY complex close to shopping, recreation, parks, and transit, and is also across from Short Reed Community School, on 2th Avenue.

I have some video footage for you on this listing here:

The hours for this Open House are Saturday, April 2 and Sunday, April 3 from 1-4PM at #158-2844 273rd Street, Aldergrove.

The other Open House this weekend (why not come to both?!) is at 12581 20th Avenue in South Surrey.

21581 20th Avenue in Ocean Park

You’ll love this stunning Craftsman Character Rancher in a PREMIUM location in Ocean Park by Crescent Beach. They have put in over $50K in TERRIFIC upgrades & features…including gorgeous wide plank reclaimed & refinished fir hardwood floors, a vaulted ceiling in the living room, new windows & paint, new fireplace hearths, gas line to the outdoor BBQ, chef style GOURMET kitchen with great appliances and MUCH more! This backyard has a hot tub, shed and a NEW fence. Don’t miss this one! Come out and see us this weekend!

Here, again, are some video links for you:

For any additional information please don’t hesitate to call me at 604-533-3491.

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