Guest Writer: Peter Radonjic, Mortgage Specialist for our Coquitlam Real Estate Blog explains the new BC Government downpayment loan for first time home buyers.
As you may have heard, the BC government just announced the “B.C. Home Owner Mortgage and Equity Partnership program” which will lend first-time homebuyers up to 5% of the purchase price to use as a downpayment. For the first 5 years the loan is interest-free and re-payments don’t start until year 6. Here’s CBC’s article on it (NOTE the terrible headline – the loan is NOT “interest-free” it’s a loan with interest and payments – the clock just doesn’t start ticking on interest and payments don’t start for 5 years after you get the cash):