September 21, 2017

BC Programs

BC Mortgage Programs

Some of the Things you Should Know About the Programs Available in B.C.

 

RRSP Down Payments

Payments CMHC 5% Down Program

BC Property Purchase Tax Exemptions

Applicants have not owned a principal residence in the past 5yrs, unless it was a revenue property. All buyers now qualify, this is no longer a first time buyers program only. All applicants have not owned an interest in a principal residence anywhere in the world
Each applicant can draw up to $25,000 Yes , 95 % financing is now available for everybody with approved credit, etc. Mortgage must be 70% or more of the purchase price. this has been waived (Feb/08)
Funds not restricted to down payment alone, may be used as part of closing costs, or any other purpose Maximum purchase in Lower Mainland and Vancouver Island is 1mil Maximum purchase in all of BC is $475,000.00, with a graduated exemption up to $500,000
Repayment is over 15 years no interest, but you can use as income over 15 years. First payment not due until 2nd year CMHC or GE will charge an insurance premium of 3.45% on the mortgage amount, premium can be included in mortgage. Term of the mortgage must be more than one year. Must be your primary residence for at least one year
This property must be your primary residence for at least one year Must be your primary residence or now can be a second home(conditions apply) One qualified buyer of the couple may be entitled to a 50% exemption.
RRSP MUST have been invested for more than 90 days before withdrawal to qualify Down payment may be family gift or from borrowed funds. Must prove D/P. Plus 1.5% to cover completion costs Must be a Canadian citizen or a landed immigrant and a resident of B.C. for at least the last 12 months